Bank of Nova Scotia Takes Position in Ameriprise Financial, Inc. $AMP

Bank of Nova Scotia bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 18,473 shares of the financial services provider's stock, valued at approximately $8,475,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. SouthState Bank Corp lifted its holdings in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 22 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $32,000. Finally, Prosperity Bancshares Inc acquired a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods boosted their target price 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. Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 17th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. 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 issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $555.33.

Ameriprise Financial Trading Up 1.0%

NYSE AMP opened at $561.00 on Tuesday. The firm has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company's 50 day moving average price is $519.69 and its 200 day moving average price is $481.87.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the firm earned $9.11 earnings per share. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.2%. Ameriprise Financial's dividend payout ratio (DPR) is 16.40%.

Insider Buying and Selling

In related news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William Jerryl Williams sold 8,210 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company's stock.

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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