Ameriprise Financial (NYSE:AMP) Downgraded by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Ameriprise Financial (NYSE:AMP) from a buy rating to a neutral rating in a research report released on Thursday morning, Marketbeat reports. They currently have $476.00 target price on the financial services provider’s stock, down from their prior target price of $485.00.

AMP has been the subject of several other reports. Royal Bank of Canada increased their price target on Ameriprise Financial from $487.00 to $500.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. UBS Group lowered their price objective on Ameriprise Financial from $500.00 to $495.00 and set a buy rating for the company in a research note on Tuesday, July 9th. Jefferies Financial Group upped their target price on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a buy rating in a research report on Friday, June 28th. Piper Sandler lowered their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an underweight rating on the stock in a research note on Friday, June 28th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ameriprise Financial from $470.00 to $460.00 and set a market perform rating for the company in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $463.00.

Ameriprise Financial Stock Up 0.2 %

Shares of AMP opened at $468.62 on Thursday. Ameriprise Financial has a 52 week low of $306.63 and a 52 week high of $471.57. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The stock’s 50-day moving average price is $434.13 and its 200-day moving average price is $430.28. The company has a market capitalization of $46.01 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 0.80 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The firm had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business posted $7.44 earnings per share. Ameriprise Financial’s quarterly revenue was up 9.6% on a year-over-year basis. On average, sell-side analysts predict that Ameriprise Financial will post 34.81 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s payout ratio is 20.15%.

Insider Activity

In related news, VP William Davies sold 8,700 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $442.07, for a total value of $3,846,009.00. Following the completion of the sale, the vice president now directly owns 13,199 shares in the company, valued at $5,834,881.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Trading of Ameriprise Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Retirement Group LLC purchased a new position in shares of Ameriprise Financial in the 1st quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. raised its position in Ameriprise Financial by 268.8% during the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 43 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in shares of Ameriprise Financial during the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the first quarter valued at about $28,000. Finally, Mascoma Wealth Management LLC increased its stake in shares of Ameriprise Financial by 153.8% in the second quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock worth $28,000 after buying an additional 40 shares during the period. 83.95% of the stock is owned by institutional investors.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.