Andra AP fonden Buys 62,718 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Andra AP fonden increased its Ameriprise Financial stake by 804.1% in the second quarter, purchasing 62,718 additional shares and bringing its holdings to 70,518 shares worth approximately $32.4 million. Institutional investors collectively own 83.95% of AMP.
• Analyst sentiment is generally positive, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $555.33. Recent target increases came from Morgan Stanley, Keefe, Bruyette & Woods, Jefferies, and Piper Sandler.
• Ameriprise shares fell 4.5% to $511.45, despite the company exceeding quarterly earnings and revenue expectations. The firm reported $11.07 in EPS and declared a $1.70 quarterly dividend, equating to a 1.3% annualized yield.

Andra AP fonden raised its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 804.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,518 shares of the financial services provider's stock after buying an additional 62,718 shares during the period. Andra AP fonden owned about 0.08% of Ameriprise Financial worth $32,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AMP. State Street Corp lifted its position in shares of Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Wellington Altus USA Inc. boosted its position in Ameriprise Financial by 59.3% during the second quarter. Wellington Altus USA Inc. now owns 1,024 shares of the financial services provider's stock valued at $470,000 after acquiring an additional 381 shares during the last quarter. National Pension Service grew its holdings in Ameriprise Financial by 8.3% during the 2nd quarter. National Pension Service now owns 184,972 shares of the financial services provider's stock worth $84,858,000 after acquiring an additional 14,222 shares during the period. Cidel Asset Management Inc. grew its holdings in Ameriprise Financial by 12.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 731 shares of the financial services provider's stock worth $335,000 after acquiring an additional 79 shares during the period. Finally, Concorde Asset Management LLC bought a new position in shares of Ameriprise Financial in the 2nd quarter worth about $202,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AMP. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $555.33.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was 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 of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Stock Down 4.5%

Ameriprise Financial stock traded down $24.27 during mid-day trading on Tuesday, reaching $511.45. The stock had a trading volume of 527,827 shares, compared to its average volume of 641,899. The firm has a market capitalization of $45.98 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.14. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The stock's 50-day simple moving average is $549.69 and its 200-day simple moving average is $491.19. 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 issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The company 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%.Ameriprise Financial's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $9.11 EPS. On average, sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial's payout ratio is presently 16.40%.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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