Great Lakes Advisors LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,677 shares of the financial services provider's stock, valued at approximately $3,522,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in AMP. SouthState Bank Corp increased its stake in Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 22 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial during the second quarter worth $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at $28,000. Ares Financial Consulting LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $32,000. Finally, Prosperity Bancshares Inc acquired a new stake in Ameriprise Financial in the fourth quarter valued at about $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company's stock.
Ameriprise Financial Trading Down 2.2%
Shares of NYSE AMP opened at $547.54 on Friday. The firm has a 50 day moving average price of $515.71 and a two-hundred day moving average price of $481.47. The stock has a market cap of $49.22 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.
Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates 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 was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.11 earnings per share. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.
Ameriprise Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's payout ratio is presently 16.40%.
Analysts Set New Price Targets
Several brokerages have commented on AMP. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Piper Sandler upped their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Jefferies Financial Group increased their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $555.33.
Check Out Our Latest Report on Ameriprise Financial
About Ameriprise Financial
(
Free Report)
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.
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