Ameriprise Financial, Inc. $AMP Shares Bought by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its Ameriprise Financial stake by 519.9% in the first quarter, ending with 34,077 shares valued at about $15.1 million.
• Ameriprise reported better-than-expected quarterly earnings of $11.26 per share, topping estimates by $1.05, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its quarterly dividend to $1.70 per share from $1.60, implying an annualized payout of $6.80 and a 1.3% yield.

Fifth Third Bancorp lifted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 519.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,077 shares of the financial services provider's stock after buying an additional 28,580 shares during the period. Fifth Third Bancorp's holdings in Ameriprise Financial were worth $15,143,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. American Trust purchased a new position in Ameriprise Financial in the first quarter worth $303,000. Candriam S.C.A. boosted its position in shares of Ameriprise Financial by 2.9% during the 1st quarter. Candriam S.C.A. now owns 60,535 shares of the financial services provider's stock worth $26,902,000 after purchasing an additional 1,690 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Ameriprise Financial by 3.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,715 shares of the financial services provider's stock worth $3,873,000 after purchasing an additional 268 shares in the last quarter. Cedar Mountain Advisors LLC grew its stake in shares of Ameriprise Financial by 3,050.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 126 shares of the financial services provider's stock worth $56,000 after purchasing an additional 122 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its stake in shares of Ameriprise Financial by 1,048.5% in the first quarter. Munich Reinsurance Co Stock Corp in Munich now owns 21,316 shares of the financial services provider's stock valued at $9,473,000 after purchasing an additional 19,460 shares during the period. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $518.65 on Wednesday. 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, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The stock has a fifty day moving average of $466.68 and a two-hundred day moving average of $473.08. The company has a market capitalization of $46.63 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.93 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the company earned $9.50 earnings per share. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts anticipate that Ameriprise Financial, Inc. will post 43.5 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a $1.70 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, May 4th. Ameriprise Financial's dividend payout ratio (DPR) is presently 16.91%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AMP shares. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a "hold" rating for the company. Piper Sandler boosted their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research note on Monday. Weiss Ratings cut Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Morgan Stanley raised their price objective 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 lifted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of "Hold" and an average price target of $553.67.

Insider Activity at Ameriprise Financial

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

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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