Fifth Third Bancorp Decreases Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Fifth Third Bancorp reduced its Ameriprise Financial stake by 6.6% in the second quarter, selling 2,256 shares and retaining 31,821 shares valued at approximately $14.6 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days, including significant sales by an insider and the CFO. Meanwhile, analysts maintain a “Moderate Buy” consensus with an average price target of $555.33.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The company declared a quarterly dividend of $1.70 per share, equivalent to a 1.2% annualized yield.

Fifth Third Bancorp decreased its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 6.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,821 shares of the financial services provider's stock after selling 2,256 shares during the quarter. Fifth Third Bancorp's holdings in Ameriprise Financial were worth $14,598,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. North Dakota State Investment Board raised its position in shares of Ameriprise Financial by 0.9% during the 2nd quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider's stock worth $1,246,000 after purchasing an additional 24 shares during the last quarter. Midwest Trust Co boosted its holdings in Ameriprise Financial by 1.8% in the 2nd quarter. Midwest Trust Co now owns 126,891 shares of the financial services provider's stock worth $58,213,000 after buying an additional 2,254 shares during the last quarter. R Squared Ltd acquired a new stake in Ameriprise Financial in the 2nd quarter worth about $244,000. Investment Research Partners LLC increased its stake in Ameriprise Financial by 31.6% during the 2nd quarter. Investment Research Partners LLC now owns 1,338 shares of the financial services provider's stock worth $614,000 after buying an additional 321 shares in the last quarter. Finally, Invested Advisors increased its stake in Ameriprise Financial by 13.4% during the 2nd quarter. Invested Advisors now owns 558 shares of the financial services provider's stock worth $256,000 after buying an additional 66 shares in the last quarter. 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, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMP shares. Piper Sandler raised their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods boosted their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. 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, BMO Capital Markets lifted their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Ameriprise Financial Stock Performance

NYSE AMP opened at $570.06 on Friday. The stock's fifty day moving average is $507.03 and its two-hundred day moving average is $480.30. The firm has a market capitalization of $51.25 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. 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 fifty-two week low of $422.37 and a fifty-two week high of $572.56.

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. 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 analyst estimates of $4.87 billion. During the same quarter in the previous year, the firm earned $9.11 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

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