Bank of America Corp DE Sells 22,575 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Bank of America reduced its Ameriprise Financial stake by 3.4%, selling 22,575 shares during the first quarter while retaining 650,536 shares valued at approximately $289.1 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also declared a $1.70 quarterly dividend, equivalent to a 1.2% annual yield.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus and an average price target of $555.33. However, company insiders sold 34,571 shares worth $18.2 million in the latest quarter.

Bank of America Corp DE decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 650,536 shares of the financial services provider's stock after selling 22,575 shares during the period. Bank of America Corp DE owned 0.72% of Ameriprise Financial worth $289,098,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AMP. SouthState Bank Corp grew its holdings in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after buying an additional 22 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Ameriprise Financial during the 1st quarter valued at $28,000. Ares Financial Consulting LLC bought a new stake in Ameriprise Financial during the fourth quarter worth about $32,000. Prosperity Bancshares Inc purchased a new stake in Ameriprise Financial in the fourth quarter worth approximately $33,000. Finally, WFA of San Diego LLC purchased a new position in shares of Ameriprise Financial during the second quarter worth approximately $36,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 1.1%

AMP stock opened at $551.79 on Tuesday. The stock has a market capitalization of $49.61 billion, a P/E ratio of 13.31, a P/E/G ratio of 0.73 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.66. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $553.82. The business has a fifty day moving average price of $486.59 and a 200-day moving average price of $476.51.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company earned $9.11 EPS. Equities analysts forecast that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Insider Activity at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William Jerryl Williams sold 8,210 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider directly owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,571 shares of company stock valued at $18,227,419 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on AMP shares. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, BMO Capital Markets raised their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial presently has an average rating of "Moderate Buy" and an average price target of $555.33.

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.

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