Handelsbanken Fonder AB Sells 4,504 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Handelsbanken Fonder AB reduced its Ameriprise Financial stake by 14.6% in the second quarter, selling 4,504 shares and retaining 26,290 shares valued at approximately $12.1 million. Institutional investors own 83.95% of AMP.
• Ameriprise reported second-quarter adjusted earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33, while recent insider selling totaled nearly 30,000 shares worth approximately $16.3 million. The company also declared a quarterly dividend of $1.70 per share.

Handelsbanken Fonder AB cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 14.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 26,290 shares of the financial services provider's stock after selling 4,504 shares during the quarter. Handelsbanken Fonder AB's holdings in Ameriprise Financial were worth $12,061,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. SouthState Bank Corp boosted its holdings in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after buying an additional 22 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the first quarter worth $28,000. Ares Financial Consulting LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $32,000. Prosperity Bancshares Inc bought a new stake in Ameriprise Financial in the 4th quarter valued at $33,000. Finally, Evolution Wealth Management Inc. bought a new stake in Ameriprise Financial in the 1st quarter valued at $34,000. 83.95% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 in the last ninety days. Corporate insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Jefferies Financial Group boosted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Finally, BMO Capital Markets lifted their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $555.33.

Ameriprise Financial Price Performance

NYSE:AMP opened at $570.80 on Friday. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $571.17. The company has a market cap of $51.32 billion, a P/E ratio of 13.77, a P/E/G ratio of 0.76 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. The stock's 50-day simple moving average is $504.75 and its 200 day simple moving average is $479.66.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the company earned $9.11 earnings per share. The business's revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.12 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors 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 (DPR) is currently 16.40%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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