EFG International AG Purchases New Position in Ameriprise Financial, Inc. $AMP

Key Points

• EFG International AG acquired 2,602 Ameriprise Financial shares during the second quarter, valued at approximately $1.19 million. Institutional investors collectively own 83.95% of AMP stock.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• The company paid a quarterly dividend of $1.70 per share, equivalent to an annualized $6.80 payout and a 1.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $555.33.

EFG International AG bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,602 shares of the financial services provider's stock, valued at approximately $1,194,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ancora Advisors LLC acquired a new position in Ameriprise Financial during the second quarter worth $735,000. Canada Pension Plan Investment Board acquired a new stake in shares of Ameriprise Financial in the second quarter valued at about $141,195,000. Legal & General Group Plc purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $262,687,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $20,644,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Ameriprise Financial during the 2nd quarter worth about $137,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Activity

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

Ameriprise Financial Stock Up 0.1%

Shares of NYSE:AMP opened at $561.04 on Thursday. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The stock has a market cap of $50.44 billion, a P/E ratio of 13.53, a PEG ratio of 0.75 and a beta of 1.14. The business has a fifty day moving average of $523.27 and a two-hundred day moving average of $482.17. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results 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 business 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 quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.11 EPS. On average, research analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Jefferies Financial Group increased 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. Piper Sandler boosted their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. Two equities 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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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