Bank of America Corp DE Acquires New Position in Ameriprise Financial, Inc. $AMP

Key Points

• Bank of America acquired 699,599 Ameriprise Financial shares in the second quarter, valued at approximately $320.9 million and representing about 0.78% of the company.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 EPS versus the $10.81 consensus and $4.90 billion in revenue, up 11.6% year over year.
• The stock had a consensus “Moderate Buy” rating with a $555.33 target price, while Ameriprise paid a quarterly dividend of $1.70 and insiders sold nearly $16.3 million in shares over the past three months.

Bank of America Corp DE acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 699,599 shares of the financial services provider's stock, valued at approximately $320,948,000. Bank of America Corp DE owned approximately 0.78% of Ameriprise Financial as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of AMP. Norges Bank purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $742,438,000. Dimensional Fund Advisors LP raised its stake in shares of Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock worth $455,387,000 after purchasing an additional 19,731 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ameriprise Financial by 18.7% during the first quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider's stock valued at $436,888,000 after buying an additional 154,659 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Ameriprise Financial by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 593,738 shares of the financial services provider's stock worth $291,615,000 after buying an additional 21,017 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Ameriprise Financial in the 2nd quarter worth about $262,687,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

NYSE AMP opened at $540.42 on Thursday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The firm has a market capitalization of $48.58 billion, a P/E ratio of 13.03, a PEG ratio of 1.00 and a beta of 1.14. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average price of $547.69 and a 200-day moving average price of $489.66.

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 analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $9.11 earnings per share. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders 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 yield of 1.3%. Ameriprise Financial's dividend payout ratio (DPR) is presently 16.40%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AMP shares. Piper Sandler upped their target price 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. Weiss Ratings upgraded shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Finally, Jefferies Financial Group boosted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Two 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $555.33.

Insider Buying and Selling at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the company's 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 completion of the sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last three months. Insiders own 0.60% of the company's stock.

About Ameriprise Financial

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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