Glenview Trust Co Invests $6.79 Million in Ameriprise Financial, Inc. $AMP

Key Points

• Glenview Trust Co. acquired 14,793 Ameriprise Financial shares worth approximately $6.79 million, while institutional investors collectively own 83.95% of AMP’s stock.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $555.33; recent targets ranged from $489 to $545.
• Ameriprise exceeded quarterly expectations, reporting $11.07 EPS and $4.90 billion in revenue, while revenue increased 11.6% year over year. The company also pays a quarterly dividend of $1.70 per share, yielding about 1.2% annually.

Glenview Trust Co acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,793 shares of the financial services provider's stock, valued at approximately $6,786,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Concorde Asset Management LLC acquired a new position in shares of Ameriprise Financial in the 2nd quarter valued at $202,000. Empowered Funds LLC acquired a new stake in shares of Ameriprise Financial during the second quarter worth $17,045,000. United Capital Financial Advisors LLC bought a new stake in Ameriprise Financial in the second quarter valued at about $2,725,000. Brooks Moore & Associates Inc. bought a new stake in Ameriprise Financial in the second quarter valued at about $229,000. Finally, Bank OZK acquired a new position in Ameriprise Financial in the second quarter valued at about $3,392,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMP. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Piper Sandler boosted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. 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. Finally, Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and an average target price of $555.33.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, 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 transaction 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 dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Price Performance

AMP stock opened at $556.15 on Friday. The stock has a 50-day moving average price of $525.04 and a two-hundred day moving average price of $482.26. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The stock has a market cap of $50.00 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.11 earnings per share. Equities analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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