Allstate Corp Has $2.51 Million Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Allstate Corp increased its stake in Ameriprise Financial by 79.6% during the first quarter, now holding 5,182 shares valued at approximately $2.51 million.
• Several research firms have raised their price targets for Ameriprise Financial, with a consensus rating of "Hold" and an average price target of $534.71.
$1.60 per share, representing an annual yield of 1.2%.

Allstate Corp lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 79.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,182 shares of the financial services provider's stock after purchasing an additional 2,296 shares during the period. Allstate Corp's holdings in Ameriprise Financial were worth $2,509,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in AMP. Mccarter Private Wealth Services LLC raised its stake in Ameriprise Financial by 6.2% during the 1st quarter. Mccarter Private Wealth Services LLC now owns 1,147 shares of the financial services provider's stock worth $555,000 after buying an additional 67 shares during the period. 1832 Asset Management L.P. raised its stake in Ameriprise Financial by 17.4% during the 1st quarter. 1832 Asset Management L.P. now owns 4,539 shares of the financial services provider's stock worth $2,197,000 after buying an additional 672 shares during the period. Compound Planning Inc. raised its stake in Ameriprise Financial by 9.5% during the 1st quarter. Compound Planning Inc. now owns 864 shares of the financial services provider's stock worth $418,000 after buying an additional 75 shares during the period. Norinchukin Bank The raised its stake in Ameriprise Financial by 15.3% during the 1st quarter. Norinchukin Bank The now owns 5,205 shares of the financial services provider's stock worth $2,520,000 after buying an additional 689 shares during the period. Finally, CW Advisors LLC raised its stake in Ameriprise Financial by 14.0% during the 1st quarter. CW Advisors LLC now owns 5,861 shares of the financial services provider's stock worth $2,847,000 after buying an additional 722 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

Ameriprise Financial stock traded up $2.00 during midday trading on Wednesday, reaching $518.89. 273,763 shares of the company's stock were exchanged, compared to its average volume of 502,022. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market cap of $48.92 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.09 and a beta of 1.24. The stock's 50-day simple moving average is $521.28 and its 200 day simple moving average is $505.67.

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

Ameriprise Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on AMP shares. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. William Blair downgraded Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods lifted their price target on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Morgan Stanley downgraded Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Finally, Piper Sandler lifted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial presently has an average rating of "Hold" and a consensus target price of $534.71.

Insider Buying and Selling

In other news, CEO William F. Truscott sold 9,929 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the sale, the chief executive officer owned 11,047 shares in the company, valued at $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.57% of the company's stock.

Ameriprise Financial Company Profile

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.