Elevation Point Wealth Partners LLC Has $3.75 Million Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Elevation Point Wealth Partners increased its stake in Ameriprise Financial by 50.5% in the first quarter, bringing its holdings to 8,448 shares valued at about $3.75 million.
• Ameriprise reported strong quarterly earnings of $11.26 per share, beating estimates, while revenue rose 9.7% year over year; the company also raised its quarterly dividend to $1.70 per share.
• Analyst sentiment remains mixed but leans cautious, with the stock carrying a consensus Hold rating and a consensus price target of $543.22.

Elevation Point Wealth Partners LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 50.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,448 shares of the financial services provider's stock after acquiring an additional 2,833 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Ameriprise Financial were worth $3,754,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. PFG Investments LLC boosted its position in Ameriprise Financial by 1.4% during the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock valued at $729,000 after acquiring an additional 21 shares during the last quarter. Institute for Wealth Management LLC. raised its position in shares of Ameriprise Financial by 3.6% in the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider's stock worth $297,000 after acquiring an additional 21 shares in the last quarter. EPG Wealth Management LLC raised its position in shares of Ameriprise Financial by 0.8% in the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock worth $1,331,000 after acquiring an additional 21 shares in the last quarter. Essex Financial Services Inc. lifted its stake in shares of Ameriprise Financial by 2.4% in the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock valued at $443,000 after purchasing an additional 21 shares during the period. Finally, SouthState Bank Corp lifted its stake in shares of Ameriprise Financial by 78.6% in the 4th 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 during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the transaction, the director owned 6,300 shares in the company, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AMP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a research note on Friday, April 10th. They set a "hold" rating for the company. Piper Sandler boosted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. BMO Capital Markets increased their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $543.22.

Ameriprise Financial Price Performance

AMP stock opened at $488.68 on Friday. The company has a market capitalization of $43.93 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18. The business has a 50-day simple moving average of $461.75 and a two-hundred day simple moving average of $472.50.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping the consensus estimate of $10.21 by $1.05. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $9.50 earnings per share. Research analysts expect that Ameriprise Financial, Inc. will post 43.01 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a dividend of $1.70 per share. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is 16.91%.

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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