Greatmark Investment Partners Inc. Buys 777 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Greatmark Investment Partners Inc. has increased its stake in Ameriprise Financial by 2.1% during the second quarter, acquiring an additional 777 shares, bringing their total to 38,625 shares valued at approximately $20.6 million.
• Ameriprise Financial reported a strong quarterly earnings performance, beating estimates with $9.11 EPS and a revenue of $4.49 billion, a 2.2% increase year-over-year.
• Research analysts have given Ameriprise a consensus rating of "Hold" with a price target of approximately $539.50, reflecting mixed ratings from multiple analysts.

Greatmark Investment Partners Inc. lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,625 shares of the financial services provider's stock after purchasing an additional 777 shares during the quarter. Ameriprise Financial accounts for about 2.6% of Greatmark Investment Partners Inc.'s holdings, making the stock its 13th largest position. Greatmark Investment Partners Inc.'s holdings in Ameriprise Financial were worth $20,615,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. TD Capital Management LLC increased its position in shares of Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock valued at $29,000 after buying an additional 51 shares during the period. Wealth Preservation Advisors LLC bought a new position in shares of Ameriprise Financial in the first quarter valued at approximately $29,000. Salomon & Ludwin LLC grew its stake in Ameriprise Financial by 115.4% during the second quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 30 shares in the last quarter. WPG Advisers LLC purchased a new position in Ameriprise Financial during the first quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC increased its holdings in Ameriprise Financial by 114.3% during the 2nd quarter. Hager Investment Management Services LLC now owns 75 shares of the financial services provider's stock worth $40,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Ameriprise Financial in a research report on Wednesday, October 8th. BMO Capital Markets began coverage on Ameriprise Financial in a research report on Friday, October 3rd. They set a "market perform" rating and a $525.00 target price for the company. Royal Bank Of Canada raised their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Piper Sandler boosted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $539.50.

Ameriprise Financial Stock Up 1.4%

Shares of NYSE:AMP opened at $479.21 on Wednesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a 50 day moving average price of $496.28 and a 200-day moving average price of $501.80. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The firm has a market capitalization of $45.18 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.06 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. Ameriprise Financial's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $8.72 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's payout ratio is presently 19.91%.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the sale, the chief executive officer owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total value of $768,510.00. Following the sale, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. This trade represents a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company's stock.

Ameriprise Financial Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.