Bank of Montreal Can Raises Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Bank of Montreal Can raised its stake in Ameriprise by 4.3% in Q3 to 217,593 shares (about $106.9M), representing roughly 0.23% of the company.
• Ameriprise beat quarterly expectations (EPS $10.83 vs. $10.33) and reported $4.92B in revenue, recently paid a $1.60 quarterly dividend (annualized $6.40, ~1.4% yield) and trades at a ~12.4 P/E on a ~$41B market cap.
• Insiders have sold roughly 16,658 shares (~$9M) in the past three months, and analysts are mixed with a consensus "Hold" rating and a target price of $555.67.

Bank of Montreal Can increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 217,593 shares of the financial services provider's stock after acquiring an additional 8,988 shares during the quarter. Bank of Montreal Can owned approximately 0.23% of Ameriprise Financial worth $106,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Winnow Wealth LLC bought a new stake in shares of Ameriprise Financial during the 2nd quarter worth $32,000. Heartwood Wealth Advisors LLC bought a new position in Ameriprise Financial during the third quarter valued at about $32,000. Redmont Wealth Advisors LLC bought a new position in Ameriprise Financial during the third quarter valued at about $32,000. WFA of San Diego LLC purchased a new stake in Ameriprise Financial during the second quarter worth about $36,000. Finally, Salomon & Ludwin LLC increased its holdings in Ameriprise Financial by 76.8% during the third quarter. Salomon & Ludwin LLC now owns 99 shares of the financial services provider's stock worth $49,000 after buying an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

AMP has been the topic of a number of research analyst reports. BMO Capital Markets reiterated a "market perform" rating on shares of Ameriprise Financial in a research note on Tuesday, March 3rd. Piper Sandler upgraded shares of Ameriprise Financial from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $434.00 to $530.00 in a research note on Friday, January 30th. Raymond James Financial set a $582.00 price objective on Ameriprise Financial and gave the company a "strong-buy" rating in a research note on Wednesday, February 11th. Weiss Ratings reissued a "buy (b-)" rating on shares of Ameriprise Financial in a report on Monday, December 29th. Finally, Jefferies Financial Group raised their target price on Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $555.67.

Ameriprise Financial Trading Down 1.3%

Shares of AMP opened at $450.42 on Thursday. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $550.18. The stock has a market cap of $41.07 billion, a PE ratio of 12.39, a P/E/G ratio of 1.06 and a beta of 1.27. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. The business's 50-day moving average price is $493.63 and its 200-day moving average price is $485.98.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 EPS for the quarter, beating analysts' consensus estimates of $10.33 by $0.50. The company had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. Ameriprise Financial's revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $9.54 earnings per share. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Monday, February 9th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, February 9th. Ameriprise Financial's dividend payout ratio (DPR) is presently 17.60%.

Insider Activity

In other news, insider Gumer Alvero sold 4,658 shares of the company's stock in a transaction on Monday, February 9th. The shares were sold at an average price of $542.88, for a total value of $2,528,735.04. Following the transaction, the insider owned 4,621 shares of the company's stock, valued at approximately $2,508,648.48. This represents a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William F. Truscott sold 5,000 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total value of $2,660,400.00. Following the completion of the sale, the chief executive officer owned 12,149 shares in the company, valued at $6,464,239.92. This trade represents a 29.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,658 shares of company stock worth $8,998,675 in the last three months. Corporate insiders own 0.73% of the company's stock.

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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