Assenagon Asset Management S.A. Has $87.85 Million Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Assenagon Asset Management increased its Ameriprise Financial stake by 142.1% in the second quarter, owning 191,496 shares valued at approximately $87.85 million. Institutional investors collectively hold 83.95% of AMP’s shares.
• Ameriprise exceeded quarterly expectations, reporting $11.07 in EPS and $4.90 billion in revenue, with revenue up 11.6% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $555.33.
• The company declared a quarterly dividend of $1.70 per share, equivalent to $6.80 annually and a 1.2% yield. Meanwhile, insiders sold 33,371 shares worth $17.67 million over the past 90 days.

Assenagon Asset Management S.A. increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 142.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,496 shares of the financial services provider's stock after purchasing an additional 112,390 shares during the period. Assenagon Asset Management S.A. owned approximately 0.21% of Ameriprise Financial worth $87,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp increased its stake in Ameriprise Financial by 0.4% in the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider's stock valued at $2,171,360,000 after purchasing an additional 18,879 shares in the last quarter. Norges Bank bought a new position in shares of Ameriprise Financial during the fourth quarter worth $742,438,000. Boston Partners grew its holdings in shares of Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock valued at $586,083,000 after buying an additional 13,172 shares during the period. AQR Capital Management LLC grew its holdings in shares of Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock valued at $532,455,000 after buying an additional 496,319 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock valued at $455,387,000 after buying an additional 19,731 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at $2,883,789.56. This represents a 50.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Walter Stanley Berman sold 11,012 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 33,371 shares of company stock worth $17,668,423. Insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

AMP has been the topic of several research analyst reports. Morgan Stanley raised their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research note on Friday, July 10th. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. BMO Capital Markets increased their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Keefe, Bruyette & Woods raised their price target 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. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $555.33.

Ameriprise Financial Price Performance

NYSE:AMP opened at $551.27 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $565.05. The firm has a market capitalization of $49.56 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 0.75 and a beta of 1.14. The stock's 50 day moving average price is $495.41 and its two-hundred day moving average price is $478.07. The company has a quick ratio of 0.66, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the company posted $9.11 EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source