1832 Asset Management L.P. Has $2.20 Million Stake in Ameriprise Financial, Inc. $AMP

Key Points

• 1832 Asset Management L.P. increased its stake in Ameriprise Financial by 17.4%, acquiring an additional 672 shares, bringing its total holdings to 4,539 shares worth approximately $2.2 million.
• Institutional investors own 83.95% of Ameriprise Financial's stock, with notable increases from firms like GAMMA Investing LLC and JPMorgan Chase & Co. during the same quarter.
• The company reported a quarterly earnings per share of $9.11, surpassing the consensus estimate, along with announcing a quarterly dividend of $1.60 per share.

1832 Asset Management L.P. increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 17.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,539 shares of the financial services provider's stock after buying an additional 672 shares during the quarter. 1832 Asset Management L.P.'s holdings in Ameriprise Financial were worth $2,197,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after acquiring an additional 83 shares in the last quarter. Spire Wealth Management raised its holdings in Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after acquiring an additional 683 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Ameriprise Financial by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after acquiring an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Ameriprise Financial by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after acquiring an additional 420 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock traded down $1.17 on Friday, hitting $515.46. The stock had a trading volume of 418,838 shares, compared to its average volume of 500,615. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The business's 50 day moving average is $521.76 and its two-hundred day moving average is $505.68. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a market cap of $48.59 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 1.10 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the business earned $8.72 earnings per share. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's payout ratio is presently 19.91%.

Insider Buying and Selling at Ameriprise Financial

In other news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the sale, the chief executive officer directly owned 11,047 shares in the company, valued at approximately $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

AMP has been the topic of several analyst reports. William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Piper Sandler lifted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Raymond James Financial lifted their price target on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $534.71.

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.