Greatmark Investment Partners Inc. Boosts Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Greatmark Investment Partners increased its Ameriprise Financial stake by 10% in the first quarter, bringing its holdings to 46,746 shares valued at about $20.8 million.
• Ameriprise recently beat earnings expectations, reporting $11.26 EPS versus $10.21 expected, while quarterly revenue rose 9.7% year over year to $4.77 billion.
• The company also raised its quarterly dividend to $1.70 per share, and analysts currently maintain an overall Hold rating with a consensus price target of $543.22.

Greatmark Investment Partners Inc. grew its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,746 shares of the financial services provider's stock after purchasing an additional 4,250 shares during the quarter. Ameriprise Financial makes up 2.4% of Greatmark Investment Partners Inc.'s holdings, making the stock its 15th biggest position. Greatmark Investment Partners Inc. owned about 0.05% of Ameriprise Financial worth $20,774,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. SouthState Bank Corp boosted its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after buying an additional 22 shares during the last quarter. Holos Integrated Wealth LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $30,000. Ares Financial Consulting LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $32,000. Prosperity Bancshares Inc acquired a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $33,000. Finally, Evolution Wealth Management Inc. purchased a new position in shares of Ameriprise Financial in the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director owned 6,300 shares in the company, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $507.26 on Tuesday. The firm has a 50 day simple moving average of $462.71 and a 200-day simple moving average of $472.51. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market cap of $45.60 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16.

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

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. Ameriprise Financial's dividend payout ratio (DPR) is 16.91%.

About Ameriprise Financial

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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