Allianz Asset Management GmbH Grows Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Allianz Asset Management increased its Ameriprise Financial stake by 32.6% in the second quarter, owning 108,436 shares valued at approximately $49.7 million. Institutional investors collectively hold 83.95% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33, while targets range from $489 to $645. Ameriprise shares recently traded near $559.88, close to their 52-week high.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, with revenue rising 11.6% year over year to $4.90 billion. The company also paid a $1.70 quarterly dividend, equivalent to a 1.2% annual yield.

Allianz Asset Management GmbH lifted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 32.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,436 shares of the financial services provider's stock after buying an additional 26,667 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.12% of Ameriprise Financial worth $49,746,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of Ameriprise Financial by 47,323.5% during the 2nd quarter. California State Teachers Retirement System now owns 63,911,691 shares of the financial services provider's stock valued at $29,320,127,000 after acquiring an additional 63,776,923 shares during the last quarter. Norges Bank purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth about $742,438,000. Bank of America Corp DE acquired a new stake in Ameriprise Financial in the second quarter valued at $320,948,000. Legal & General Group Plc acquired a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $262,687,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Ameriprise Financial in the 2nd quarter worth approximately $248,547,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research note on Friday, July 10th. Finally, Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Insiders Place Their Bets

In other Ameriprise Financial news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Williams sold 8,210 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the sale, the insider directly owned 6,780 shares of the company's stock, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last three months. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $559.88 on Tuesday. 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 cap of $50.33 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The firm has a fifty day moving average price of $538.49 and a two-hundred day moving average price of $485.63. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

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

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. Ameriprise Financial's dividend payout ratio (DPR) is 16.40%.

Ameriprise Financial Profile

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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