Zacks Investment Research upgraded shares of Ameriprise Financial Services Inc. (NYSE:AMP) from a sell rating to a hold rating in a research report report published on Thursday morning.
According to Zacks, “Estimates have been stable ahead of Ameriprise’s third-quarter 2016 earnings release. Notably, the company has a positive record of earnings surprises in recent quarters. Further, the company's modification of its product and service-offering capacity to keep pace with the dynamic market needs is expected to support the top line growth. Also, the company’s inorganic growth strategy will further aid its profitability in the near term. However, the company’s fixed interest costs and claims continue to remain at high levels and thus it needs to put in more efforts to offset the continued pressure on fee and asset growth. In addition, continued equity market volatility and outflows in the Asset Management segment as well as elevated expenses will likely hurt the company’s financials in the near term.”
Several other research firms have also recently commented on AMP. Deutsche Bank AG lowered their target price on Ameriprise Financial Services from $122.00 to $106.00 and set a buy rating on the stock in a research report on Thursday, July 7th. Morgan Stanley reaffirmed a buy rating and set a $120.00 price target on shares of Ameriprise Financial Services in a research note on Thursday, July 28th. Oppenheimer Holdings Inc. lowered Ameriprise Financial Services to an underweight rating in a research note on Monday, October 10th. RBC Capital Markets lowered Ameriprise Financial Services from an outperform rating to a sector perform rating and decreased their price target for the company from $121.00 to $98.00 in a research note on Monday, July 25th. Finally, UBS AG reaffirmed a buy rating and set a $120.00 price target (down from $125.00) on shares of Ameriprise Financial Services in a research note on Wednesday, June 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Ameriprise Financial Services has a consensus rating of Hold and a consensus price target of $111.33.
Ameriprise Financial Services (NYSE:AMP) opened at 96.40 on Thursday. The company has a 50-day moving average price of $99.98 and a 200 day moving average price of $97.03. Ameriprise Financial Services has a 1-year low of $76.00 and a 1-year high of $120.29. The firm has a market capitalization of $15.56 billion, a price-to-earnings ratio of 11.70 and a beta of 1.64.
Ameriprise Financial Services (NYSE:AMP) last posted its earnings results on Tuesday, July 26th. The company reported $2.23 EPS for the quarter, missing the consensus estimate of $2.26 by $0.03. Ameriprise Financial Services had a net margin of 12.50% and a return on equity of 20.72%. The business earned $2.87 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the business earned $2.33 earnings per share. The firm’s revenue was down 8.2% compared to the same quarter last year. Equities analysts anticipate that Ameriprise Financial Services will post $9.27 earnings per share for the current year.
In other news, insider John Robert Woerner sold 4,513 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $100.71, for a total value of $454,504.23. Following the completion of the sale, the insider now owns 39,443 shares in the company, valued at $3,972,304.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Randy Kupper sold 4,129 shares of the stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $100.81, for a total value of $416,244.49. Following the completion of the sale, the executive vice president now owns 22,835 shares of the company’s stock, valued at approximately $2,301,996.35. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BLB&B Advisors LLC acquired a new stake in Ameriprise Financial Services during the third quarter worth about $206,000. National Pension Service raised its stake in shares of Ameriprise Financial Services by 9.4% in the third quarter. National Pension Service now owns 132,206 shares of the company’s stock valued at $13,190,000 after buying an additional 11,306 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of Ameriprise Financial Services during the third quarter valued at about $237,000. CHICAGO TRUST Co NA raised its stake in shares of Ameriprise Financial Services by 5.0% in the third quarter. CHICAGO TRUST Co NA now owns 20,399 shares of the company’s stock valued at $2,035,000 after buying an additional 973 shares in the last quarter. Finally, Atria Investments LLC raised its stake in shares of Ameriprise Financial Services by 9.5% in the third quarter. Atria Investments LLC now owns 13,558 shares of the company’s stock valued at $1,353,000 after buying an additional 1,180 shares in the last quarter. Institutional investors own 79.97% of the company’s stock.
Ameriprise Financial Services Company Profile
Ameriprise Financial, Inc is a diversified financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Advice & Wealth Management segment provides financial planning and advice, as well as brokerage services, primarily to retail clients through advisors.