Algert Global LLC Makes New $1.05 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Algert Global LLC initiated a $1.05 million position in Ameriprise Financial during the second quarter by purchasing 2,281 shares. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also pays a quarterly dividend of $1.70, equivalent to a 1.2% yield.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $555.33; however, company insiders sold nearly 30,000 shares worth $16.3 million over the past three months.

Algert Global LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,281 shares of the financial services provider's stock, valued at approximately $1,046,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMP. Essex Financial Services Inc. increased its holdings in shares of Ameriprise Financial by 2.4% in the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock valued at $443,000 after purchasing an additional 21 shares during the last quarter. SouthState Bank Corp grew its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after buying an additional 22 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Ameriprise Financial by 5.4% in the 2nd quarter. Geneos Wealth Management Inc. now owns 447 shares of the financial services provider's stock worth $239,000 after acquiring an additional 23 shares during the last quarter. Optimist Retirement Group LLC increased its stake in shares of Ameriprise Financial by 3.7% in the 3rd quarter. Optimist Retirement Group LLC now owns 638 shares of the financial services provider's stock worth $313,000 after acquiring an additional 23 shares during the last quarter. Finally, Boyd Watterson Asset Management LLC OH raised its holdings in shares of Ameriprise Financial by 5.2% during the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 484 shares of the financial services provider's stock worth $237,000 after acquiring an additional 24 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Jefferies Financial Group lifted 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. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Morgan Stanley increased their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Finally, Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $555.33.

Ameriprise Financial Trading Up 0.1%

AMP opened at $559.79 on Monday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The business has a fifty day simple moving average of $526.87 and a 200-day simple moving average of $482.40. The firm has a market cap of $50.33 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.75 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the business earned $9.11 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

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