Parkshore Wealth Management Inc. Acquires Shares of 1,596 Ameriprise Financial, Inc. (NYSE:AMP)

Parkshore Wealth Management Inc. purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,596 shares of the financial services provider's stock, valued at approximately $850,000.

Several other institutional investors have also recently made changes to their positions in the stock. TCTC Holdings LLC bought a new stake in Ameriprise Financial in the 4th quarter valued at about $26,000. Whipplewood Advisors LLC bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $28,000. Wingate Wealth Advisors Inc. bought a new position in shares of Ameriprise Financial in the 4th quarter worth $30,000. Finally, Sound Income Strategies LLC bought a new position in shares of Ameriprise Financial in the 4th quarter worth $36,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Activity

In other Ameriprise Financial news, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now owns 14,023 shares of the company's stock, valued at $7,576,486.67. The trade was a 29.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares of the company's stock, valued at approximately $3,901,249.59. This represents a 39.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock valued at $6,263,989 in the last 90 days. Insiders own 0.57% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods cut their price target on Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating for the company in a research note on Tuesday. UBS Group lowered Ameriprise Financial from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Raymond James upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a report on Monday, April 7th. Finally, Morgan Stanley lifted their target price on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $509.67.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock traded up $13.75 during trading hours on Friday, hitting $484.28. 341,533 shares of the company's stock traded hands, compared to its average volume of 490,196. The stock has a market capitalization of $46.40 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The company has a fifty day simple moving average of $481.46 and a 200-day simple moving average of $521.33.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter last year, the company posted $8.39 earnings per share. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.32%. Ameriprise Financial's payout ratio is presently 21.75%.

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.