Envestnet Asset Management Inc. Buys 3,036,128 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Envestnet Asset Management increased its Ameriprise Financial stake by 960.8% in the second quarter, acquiring 3.04 million shares and bringing its holdings to 3.35 million shares worth approximately $1.54 billion. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also paid a quarterly dividend of $1.70 per share, representing a 1.4% yield.
• AMP shares fell 1.8% to $502.90, while analysts maintained a mixed outlook with an overall “Hold” rating and an average price target of $555.33. Company insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

Envestnet Asset Management Inc. grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 960.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,352,117 shares of the financial services provider's stock after purchasing an additional 3,036,128 shares during the quarter. Envestnet Asset Management Inc. owned approximately 3.73% of Ameriprise Financial worth $1,537,817,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Andra AP fonden grew its holdings in Ameriprise Financial by 804.1% in the 2nd quarter. Andra AP fonden now owns 70,518 shares of the financial services provider's stock worth $32,351,000 after acquiring an additional 62,718 shares during the last quarter. State Street Corp raised its stake in shares of Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the last quarter. Wellington Altus USA Inc. raised its stake in shares of Ameriprise Financial by 59.3% during the second quarter. Wellington Altus USA Inc. now owns 1,024 shares of the financial services provider's stock valued at $470,000 after acquiring an additional 381 shares during the last quarter. National Pension Service raised its stake in shares of Ameriprise Financial by 8.3% during the second quarter. National Pension Service now owns 184,972 shares of the financial services provider's stock valued at $84,858,000 after acquiring an additional 14,222 shares during the last quarter. Finally, Cidel Asset Management Inc. boosted its holdings in shares of Ameriprise Financial by 12.1% during the second quarter. Cidel Asset Management Inc. now owns 731 shares of the financial services provider's stock worth $335,000 after purchasing an additional 79 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Down 1.8%

Shares of NYSE:AMP traded down $9.47 on Wednesday, hitting $502.90. 728,057 shares of the company traded hands, compared to its average volume of 645,344. The stock has a 50 day simple moving average of $549.54 and a 200-day simple moving average of $491.49. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market cap of $45.21 billion, a PE ratio of 12.13, a PEG ratio of 0.96 and a beta of 1.14. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

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, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. During the same period in the prior year, the firm posted $9.11 EPS. The firm's quarterly revenue was up 11.6% on a year-over-year basis. As a group, research analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced 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. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial's payout ratio is 16.40%.

Insider Buying and Selling

In other news, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,988 shares of company stock worth $16,316,497. Company insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMP. Piper Sandler boosted 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. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Jefferies Financial Group raised their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Morgan Stanley lifted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $555.33.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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