Ameriprise Financial (NYSE:AMP) Hits New 12-Month High – Here’s Why

Ameriprise Financial, Inc. (NYSE:AMP)’s stock price hit a new 52-week high on Monday . The stock traded as high as $577.71 and last traded at $577.71, with a volume of 754 shares. The stock had previously closed at $573.97.

Analysts Set New Price Targets

AMP has been the subject of several analyst reports. Royal Bank of Canada upped their price objective on Ameriprise Financial from $535.00 to $550.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. The Goldman Sachs Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $485.00 to $476.00 in a research note on Thursday, September 26th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $475.00 to $510.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. UBS Group upped their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $487.67.

Ameriprise Financial Trading Up 0.7 %

The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.99. The stock has a 50-day simple moving average of $521.35 and a two-hundred day simple moving average of $463.17. The firm has a market capitalization of $56.05 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 1.00 and a beta of 1.34.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Monday, November 4th. Ameriprise Financial’s dividend payout ratio (DPR) is 22.73%.

Insider Activity

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 8,655 shares of Ameriprise Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $564.16, for a total value of $4,882,804.80. Following the transaction, the chief financial officer now owns 6,409 shares in the company, valued at $3,615,701.44. The trade was a 57.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gumer Alvero sold 2,325 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $516.05, for a total transaction of $1,199,816.25. Following the sale, the insider now directly owns 4,669 shares of the company’s stock, valued at approximately $2,409,437.45. The trade was a 33.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,715 shares of company stock worth $11,983,436. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

Several hedge funds have recently modified their holdings of AMP. Tidal Investments LLC boosted its stake in shares of Ameriprise Financial by 9.3% in the first quarter. Tidal Investments LLC now owns 3,153 shares of the financial services provider’s stock worth $1,382,000 after buying an additional 268 shares during the last quarter. Cetera Investment Advisers boosted its position in Ameriprise Financial by 335.6% in the 1st quarter. Cetera Investment Advisers now owns 34,321 shares of the financial services provider’s stock worth $15,048,000 after purchasing an additional 26,442 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Ameriprise Financial by 55.6% during the 1st quarter. Cetera Advisors LLC now owns 10,900 shares of the financial services provider’s stock worth $4,779,000 after purchasing an additional 3,895 shares during the period. DNB Asset Management AS increased its holdings in shares of Ameriprise Financial by 4.8% during the 2nd quarter. DNB Asset Management AS now owns 17,276 shares of the financial services provider’s stock valued at $7,380,000 after purchasing an additional 796 shares in the last quarter. Finally, Bank & Trust Co acquired a new position in shares of Ameriprise Financial in the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

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.