Corient Private Wealth LP Purchases New Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Corient Private Wealth purchased 26,295 Ameriprise Financial shares during the second quarter, valued at approximately $12.1 million. Institutional investors and hedge funds collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly expectations, reporting $11.07 in EPS on $4.90 billion in revenue, with revenue rising 11.6% year over year. The company also pays a $1.70 quarterly dividend, equivalent to a 1.2% yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $555.33, while insider selling totaled nearly $16.3 million over the past 90 days.

Corient Private Wealth LP purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 26,295 shares of the financial services provider's stock, valued at approximately $12,063,000.

Several other large investors also recently made changes to their positions in AMP. SouthState Bank Corp raised its holdings in shares of 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 during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the first quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $28,000. Fiduciary Financial Advisors acquired a new position in shares of Ameriprise Financial in the second quarter worth about $30,000. Finally, Prosperity Bancshares Inc purchased a new position in Ameriprise Financial in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Up 0.7%

Shares of NYSE:AMP opened at $559.79 on Friday. The company's fifty day moving average is $526.87 and its two-hundred day moving average is $482.80. 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 1-year low of $422.37 and a 1-year high of $572.56. The stock has a market capitalization of $50.33 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14.

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 for the quarter, topping the consensus estimate 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 net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.11 earnings per share. Equities analysts anticipate that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods raised 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. Morgan Stanley lifted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research note on Friday, July 10th. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Finally, Jefferies Financial Group increased their price objective 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 equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial presently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Insider Activity

In related news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Jerryl Williams sold 8,210 shares of Ameriprise Financial 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 completion of the sale, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. 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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