HighTower Advisors LLC Lowers Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• HighTower Advisors reduced its Ameriprise Financial position by 15.6% in the second quarter, selling 6,398 shares and retaining 34,719 shares valued at approximately $15.9 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported strong quarterly results, with EPS of $11.07 beating estimates of $10.81 and revenue rising 11.6% year over year to $4.90 billion. The company also declared a quarterly dividend of $1.70, representing a 1.2% yield.
• AMP shares opened at $570.06, near their 52-week high, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $555.33. Insiders have sold nearly 30,000 shares worth about $16.3 million over the past 90 days.

HighTower Advisors LLC lowered its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 15.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,719 shares of the financial services provider's stock after selling 6,398 shares during the period. HighTower Advisors LLC's holdings in Ameriprise Financial were worth $15,928,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMP. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Ameriprise Financial by 5.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,258 shares of the financial services provider's stock valued at $98,388,000 after acquiring an additional 10,782 shares during the last quarter. National Pension Service grew its position in Ameriprise Financial by 8.2% during the 4th quarter. National Pension Service now owns 165,543 shares of the financial services provider's stock worth $81,172,000 after acquiring an additional 12,563 shares during the last quarter. LSV Asset Management increased its stake in Ameriprise Financial by 1.3% in the 4th quarter. LSV Asset Management now owns 272,018 shares of the financial services provider's stock worth $133,381,000 after purchasing an additional 3,548 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in Ameriprise Financial in the 4th quarter worth approximately $72,050,000. Finally, D.A. Davidson & CO. lifted its position in Ameriprise Financial by 116.5% in the fourth quarter. D.A. Davidson & CO. now owns 13,380 shares of the financial services provider's stock valued at $6,561,000 after purchasing an additional 7,200 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Down 0.1%

AMP opened at $570.06 on Friday. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The business has a 50 day simple moving average of $507.03 and a two-hundred day simple moving average of $480.30. The firm has a market capitalization of $51.25 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 0.77 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. During the same period in the previous year, the firm earned $9.11 earnings per share. The business's revenue was up 11.6% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 3rd will be issued a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's payout ratio is 16.40%.

Insider Activity at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated 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 $3,079,060.55. The trade was a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. BMO Capital Markets increased their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Piper Sandler raised their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $555.33.

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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