Ameriprise stock soars to all-time high of $577.28

Ameriprise Financial Inc (NYSE:AMP). has reached a remarkable milestone as its stock price soared to an all-time high of $577.28, with the company now commanding a market capitalization of nearly $56 billion. According to InvestingPro analysis, the stock appears to have further room to run based on its Fair Value calculations. This peak reflects a significant vote of confidence in the company’s financial services and wealth management strategies, supported by its GREAT financial health score. Over the past year, Ameriprise Financial has seen an impressive 1-year change, with its stock value surging by 46.49%, including a notable 33.23% gain in the last six months alone. This growth trajectory underscores the firm’s robust performance and its ability to adapt and thrive in the dynamic financial landscape. Investors and analysts alike are closely monitoring Ameriprise’s progress as it continues to set new records and expand its market presence. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report, part of the platform’s coverage of 1,400+ US stocks.

In other recent news, Ameriprise Financial’s third-quarter 2024 earnings have led to revised future earnings per share (EPS) estimates. Morgan Stanley (NYSE:MS) has adjusted its outlook on the company, raising the price target to $509.00 from the previous target of $502.00 and maintaining an Equalweight rating. This change reflects a 1.4% rise and is based on the company’s latest financial results and anticipated future performance. Furthermore, Ameriprise Financial reported a substantial 22% increase in its assets under management and administration, reaching a significant $1.5 trillion, and an 11% rise in adjusted operating net revenue, amounting to $4.4 billion.

In addition, CFRA, another analyst firm, has raised the price target for Ameriprise Financial to $575, reflecting the company’s strong financial results and growth prospects. Ameriprise Financial has also announced plans to introduce new savings and lending products and aims to return 80% of capital to shareholders in 2024. Despite net outflows of $2.4 billion in the Asset Management segment, the Wealth Management segment achieved record client assets, with net inflows over the past year totaling $46 billion. These are some of the recent developments shaping the future of Ameriprise Financial.

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