Balyasny Asset Management L.P. Invests $119.63 Million in Ameriprise Financial, Inc. $AMP

Key Points

• Balyasny Asset Management bought a new stake in Ameriprise Financial during the fourth quarter, acquiring 243,967 shares valued at about $119.6 million.
• Ameriprise reported Q1 earnings of $11.26 per share, beating analyst estimates, 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, and analysts currently have a consensus Hold rating with a price target of $543.22.

Balyasny Asset Management L.P. acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 243,967 shares of the financial services provider's stock, valued at approximately $119,627,000. Balyasny Asset Management L.P. owned 0.26% of Ameriprise Financial at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. SouthState Bank Corp raised 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. Holos Integrated Wealth LLC acquired a new stake in Ameriprise Financial during the 4th quarter worth $30,000. Redmont Wealth Advisors LLC acquired a new stake in Ameriprise Financial during the 3rd quarter worth $32,000. Ares Financial Consulting LLC acquired a new stake in Ameriprise Financial during the 4th quarter worth $32,000. Finally, Prosperity Bancshares Inc acquired a new stake in Ameriprise Financial during the 4th quarter worth $33,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

AMP opened at $471.56 on Thursday. The business's 50-day moving average price is $459.10 and its two-hundred day moving average price is $473.22. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $550.18. The company has a market capitalization of $42.39 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 1.00 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the business posted $9.50 EPS. The company's revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts expect that Ameriprise Financial, Inc. will post 42.63 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a $1.70 dividend. This is an increase 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 1.4%. 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

Several analysts recently commented on AMP shares. BMO Capital Markets raised their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Piper Sandler raised their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research note on Monday, May 4th. Morgan Stanley raised their price objective on Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research note on Thursday, April 30th. Weiss Ratings downgraded Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research note on Friday, April 10th. They issued a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and a consensus price target of $543.22.

Insider Transactions at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction dated 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 sale, the executive vice president 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction dated 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 sale, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their position. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by insiders.

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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