Bank of New York Mellon Corp Has $312.61 Million Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Bank of New York Mellon reduced its Ameriprise Financial stake by 4.9% in the second quarter, selling 35,343 shares and retaining 681,433 shares valued at approximately $312.6 million. Institutional investors collectively own 83.95% of AMP.
• Analysts maintain a generally positive outlook, with Ameriprise receiving a consensus “Moderate Buy” rating and an average price target of $555.33. Recent target increases included Jefferies’ move to $645 and Keefe, Bruyette & Woods’ move to $545.
• Ameriprise exceeded quarterly expectations, reporting $11.07 in EPS versus the $10.81 consensus and $4.90 billion in revenue, up 11.6% year over year. The company also declared a $1.70 quarterly dividend, equivalent to a 1.2% yield.

Bank of New York Mellon Corp trimmed its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 681,433 shares of the financial services provider's stock after selling 35,343 shares during the period. Bank of New York Mellon Corp owned about 0.76% of Ameriprise Financial worth $312,614,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Ameriprise Financial by 6.9% in the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after buying an additional 50 shares during the last quarter. Empowered Funds LLC boosted its holdings in Ameriprise Financial by 11.8% during the first quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider's stock worth $2,915,000 after purchasing an additional 634 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in Ameriprise Financial by 14.1% during the second quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider's stock worth $312,000 after purchasing an additional 72 shares during the last quarter. Schnieders Capital Management LLC. bought a new position in Ameriprise Financial in the second quarter valued at $313,000. Finally, Gabelli Funds LLC grew its position in Ameriprise Financial by 224.8% in the second quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock valued at $2,253,000 after purchasing an additional 2,922 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. BMO Capital Markets upped their target price on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Finally, Piper Sandler increased their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $556.56 on Friday. The business's 50 day moving average is $517.67 and its 200-day moving average is $482.00. The firm has a market cap of $50.03 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 0.74 and a beta of 1.14. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $9.11 EPS. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial's dividend payout ratio is 16.40%.

Insider Buying and Selling at Ameriprise Financial

In related news, insider William Jerryl Williams sold 8,210 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This trade represents a 39.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by insiders.

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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