Ameriprise Financial, Inc. $AMP Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Ameriprise Financial in the fourth quarter, buying an additional 3,958 shares and bringing its total holdings to 7,740 shares worth about $3.8 million.
• Ameriprise reported better-than-expected quarterly earnings of $11.26 per share, while revenue rose 9.7% year over year to $4.77 billion. The company also raised its quarterly dividend to $1.70 per share, up from $1.60.
• Despite the positive results, the stock was down 2.8% and traded at $442.53, below its 50-day and 200-day moving averages. Analysts currently rate the stock a consensus "Hold" with an average price target of $543.22.

Allstate Corp increased its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 104.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,740 shares of the financial services provider's stock after buying an additional 3,958 shares during the period. Allstate Corp's holdings in Ameriprise Financial were worth $3,795,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AMP. Holos Integrated Wealth LLC acquired a new position in Ameriprise Financial during the fourth quarter worth approximately $30,000. Redmont Wealth Advisors LLC acquired a new position in Ameriprise Financial during the third quarter worth approximately $32,000. Ares Financial Consulting LLC acquired a new position in Ameriprise Financial during the fourth quarter worth approximately $32,000. WFA of San Diego LLC acquired a new position in Ameriprise Financial during the second quarter worth approximately $36,000. Finally, Activest Wealth Management increased its position in Ameriprise Financial by 777.8% during the fourth quarter. Activest Wealth Management now owns 79 shares of the financial services provider's stock worth $39,000 after purchasing an additional 70 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on AMP shares. BMO Capital Markets upped their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $605.00 price target (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Piper Sandler upped their price target on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. Finally, Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $543.22.

Ameriprise Financial Stock Down 2.8%

Shares of Ameriprise Financial stock opened at $442.53 on Thursday. The company has a fifty day moving average price of $454.98 and a 200 day moving average price of $473.30. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18. The stock has a market cap of $39.78 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.07 and a beta of 1.20.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts' consensus estimates of $10.21 by $1.05. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm's revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the company earned $9.50 EPS. Equities research analysts forecast that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 1.5%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. Ameriprise Financial's payout ratio is currently 16.91%.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares of the company's stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Company 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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