Ameriprise Financial, Inc. $AMP Shares Acquired by AlphaQuest LLC

Key Points

• AlphaQuest LLC more than doubled its stake in Ameriprise Financial in the fourth quarter, increasing holdings by 112.5% to 7,519 shares valued at about $3.69 million.
• Several other institutional investors also boosted positions, and 83.95% of AMP stock is owned by institutions and hedge funds, underscoring strong institutional interest.
• Ameriprise recently beat quarterly earnings expectations with EPS of $11.26 versus $10.21 expected and raised its quarterly dividend to $1.70 per share, bringing the annual payout to $6.80.

AlphaQuest LLC raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 112.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,519 shares of the financial services provider's stock after acquiring an additional 3,981 shares during the quarter. AlphaQuest LLC's holdings in Ameriprise Financial were worth $3,687,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Kestra Investment Management LLC lifted its holdings in shares of Ameriprise Financial by 3.1% in the 4th quarter. Kestra Investment Management LLC now owns 7,741 shares of the financial services provider's stock valued at $3,796,000 after purchasing an additional 234 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in shares of Ameriprise Financial by 5.6% in the 4th quarter. Cary Street Partners Financial LLC now owns 1,730 shares of the financial services provider's stock valued at $848,000 after purchasing an additional 91 shares during the last quarter. Allstate Corp lifted its holdings in shares of Ameriprise Financial by 104.7% in the 4th quarter. Allstate Corp now owns 7,740 shares of the financial services provider's stock valued at $3,795,000 after purchasing an additional 3,958 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Ameriprise Financial by 75.5% in the 4th quarter. Fisher Asset Management LLC now owns 802 shares of the financial services provider's stock valued at $393,000 after purchasing an additional 345 shares during the last quarter. Finally, Clearstead Trust LLC lifted its holdings in shares of Ameriprise Financial by 40.6% in the 4th quarter. Clearstead Trust LLC now owns 97 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 28 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares of the company's stock, valued at $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This represents a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

AMP has been the subject of several analyst reports. Piper Sandler upped their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. BMO Capital Markets upped their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the stock a "strong-buy" rating in a research note on Wednesday, February 11th. Jefferies Financial Group increased their price target on Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Finally, Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average target price of $543.22.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $453.23 on Tuesday. The firm has a market capitalization of $40.75 billion, a P/E ratio of 11.27, a PEG ratio of 1.07 and a beta of 1.20. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $550.18. The company's fifty day moving average is $454.62 and its two-hundred day moving average is $473.42. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66.

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 (EPS) for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the firm posted $9.50 EPS. The business's revenue was up 9.7% compared to the same quarter last year. Analysts forecast that Ameriprise Financial, Inc. will post 42.63 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

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

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.

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