Elevation Point Wealth Partners LLC Acquires New Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Elevation Point Wealth Partners acquired 9,230 Ameriprise Financial shares during the second quarter, worth approximately $4.23 million. Institutional investors collectively own 83.95% of AMP’s outstanding 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.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $555.33. The company also paid a quarterly dividend of $1.70 per share, equivalent to a 1.2% annual yield.

Elevation Point Wealth Partners LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,230 shares of the financial services provider's stock, valued at approximately $4,234,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Ameriprise Financial during the 4th quarter valued at $742,438,000. AQR Capital Management LLC raised its position in shares of Ameriprise Financial by 84.2% in the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock worth $532,455,000 after buying an additional 496,319 shares in the last quarter. First Trust Advisors LP raised its position in shares of Ameriprise Financial by 85.5% in the fourth quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider's stock worth $406,216,000 after buying an additional 381,754 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Ameriprise Financial by 140.5% during the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider's stock valued at $231,805,000 after buying an additional 275,659 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Ameriprise Financial during the fourth quarter valued at $119,627,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler raised their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. Keefe, Bruyette & Woods raised 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. Jefferies Financial Group raised their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Ameriprise Financial Trading Up 1.7%

Shares of AMP opened at $556.56 on Friday. The firm has a market cap of $50.03 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 0.75 and a beta of 1.14. The firm has a 50 day moving average price of $517.67 and a 200-day moving average price of $482.00. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. 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 (NYSE:AMP - Get Free Report) last posted its quarterly earnings results 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. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business 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 posted $9.11 earnings per share. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's payout ratio is 16.40%.

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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