Ameriprise Financial, Inc. $AMP Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada cut its Ameriprise Financial stake by 6.8% in the second quarter, selling 2,326 shares and retaining 31,831 shares valued at approximately $15.3 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also paid a $1.70 quarterly dividend, equivalent to a 1.2% yield.
• Insiders sold nearly 30,000 shares worth $16.3 million during the latest quarter. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $555.33.

TD Waterhouse Canada Inc. decreased its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 6.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,831 shares of the financial services provider's stock after selling 2,326 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Ameriprise Financial were worth $15,269,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. SouthState Bank Corp increased its stake in Ameriprise Financial by 78.6% during 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 during the period. Twin Lakes Capital Management LLC acquired a new stake in Ameriprise Financial in the second quarter valued at $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the 1st quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial during the second quarter worth approximately $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in Ameriprise Financial during the 2nd quarter worth $30,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial 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 in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This trade represents a 39.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 in the last quarter. Insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $559.88 on Friday. The stock has a fifty day moving average price of $536.22 and a 200 day moving average price of $484.91. The stock has a market cap of $50.33 billion, a PE ratio of 13.50, a P/E/G ratio of 1.01 and a beta of 1.14. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. 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 earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the company earned $9.11 earnings per share. Ameriprise Financial's revenue was up 11.6% compared to the same quarter last year. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial's payout ratio is currently 16.40%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AMP. Piper Sandler boosted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Jefferies Financial Group raised their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Morgan Stanley lifted their price target 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, Keefe, Bruyette & Woods increased their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

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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