3,349 Shares in Ameriprise Financial, Inc. $AMP Purchased by Allworth Financial LP

Key Points

• Allworth Financial acquired 3,349 shares of Ameriprise Financial worth approximately $1.54 million, while institutional investors collectively own 83.95% of AMP’s outstanding stock.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, as revenue rose 11.6% year over year to $4.90 billion.
• AMP shares traded at $556.56, up 1.7%, and the company declared a quarterly dividend of $1.70, equivalent to an annualized $6.80 payout and a 1.2% yield; analysts’ average rating is “Moderate Buy.”

Allworth Financial LP acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,349 shares of the financial services provider's stock, valued at approximately $1,536,000.

A number of other institutional investors have also modified their holdings of AMP. Norges Bank purchased a new stake in Ameriprise Financial during the fourth quarter worth $742,438,000. AQR Capital Management LLC grew its position in Ameriprise Financial by 84.2% during the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock worth $532,455,000 after purchasing an additional 496,319 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Ameriprise Financial by 85.5% during the fourth quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider's stock valued at $406,216,000 after buying an additional 381,754 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Ameriprise Financial by 140.5% in the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider's stock worth $231,805,000 after purchasing an additional 275,659 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $119,627,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Walter Stanley Berman sold 11,012 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the sale, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Dawn M. Brockman sold 472 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last quarter. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Trading Up 1.7%

NYSE AMP opened at $556.56 on Friday. The firm's fifty day moving average price is $517.67 and its 200 day moving average price is $482.00. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $50.03 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 0.74 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.11 EPS. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's payout ratio is currently 16.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AMP shares. Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. BMO Capital Markets boosted their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $555.33.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source