Ameriprise Financial, Inc. $AMP Shares Purchased by Plato Investment Management Ltd

Key Points

• Plato Investment Management increased its Ameriprise Financial stake by 53.5% in the second quarter, purchasing 2,179 additional shares for a total holding valued at approximately $2.85 million. Institutional investors collectively own 83.95% of AMP’s stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $555.33. Recent targets range from $489 to $645.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 EPS and $4.90 billion in revenue, while revenue grew 11.6% year over year. The company also declared a quarterly dividend of $1.70, although insiders sold nearly $16.3 million worth of shares during the last quarter.

Plato Investment Management Ltd boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 53.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,249 shares of the financial services provider's stock after purchasing an additional 2,179 shares during the quarter. Plato Investment Management Ltd's holdings in Ameriprise Financial were worth $2,850,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AMP. SouthState Bank Corp boosted its position in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after buying an additional 22 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the second quarter valued at approximately $28,000. Ares Financial Consulting LLC purchased a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $32,000. Finally, Prosperity Bancshares Inc purchased a new stake in Ameriprise Financial in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Morgan Stanley raised their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Piper Sandler upped their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. BMO Capital Markets increased 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. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Finally, Jefferies Financial Group upped their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Trading Up 0.1%

Shares of AMP opened at $570.06 on Monday. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The company has a market capitalization of $51.25 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. The stock has a fifty day moving average of $507.03 and a two-hundred day moving average of $480.15. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $9.11 earnings per share. As a group, analysts forecast that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's payout ratio is 16.40%.

Insider Activity at Ameriprise Financial

In other news, CFO Walter Stanley Berman sold 11,012 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,079,060.55. This represents a 66.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by 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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