Janney Montgomery Scott LLC Sells 16,781 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Janney Montgomery Scott reduced its Ameriprise Financial stake by 36.3% in the second quarter, selling 16,781 shares and retaining 29,427 shares worth approximately $13.5 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days, including significant sales by CFO Walter Stanley Berman and insider William Jerryl Williams.
• Ameriprise exceeded quarterly earnings and revenue expectations, reporting $11.07 EPS and $4.90 billion in revenue, while analysts maintain a “Moderate Buy” consensus with an average price target of $555.33. The company also declared a quarterly dividend of $1.70 per share.

Janney Montgomery Scott LLC cut its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 36.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,427 shares of the financial services provider's stock after selling 16,781 shares during the period. Janney Montgomery Scott LLC's holdings in Ameriprise Financial were worth $13,500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMP. SouthState Bank Corp grew its holdings in shares of Ameriprise Financial by 78.6% in the 4th 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 Ameriprise Financial during the 1st quarter worth $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial during the 2nd quarter worth $28,000. Ares Financial Consulting LLC bought a new position in Ameriprise Financial during the fourth quarter worth about $32,000. Finally, Prosperity Bancshares Inc bought a new position in Ameriprise Financial during the fourth quarter worth about $33,000. 83.95% of the stock is owned by institutional investors.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the sale, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Jerryl Williams sold 8,210 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% 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 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 analyst reports. 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. Piper Sandler raised their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods lifted their price objective on 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 upgraded Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Finally, BMO Capital Markets increased their target price on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $570.06 on Friday. The firm has a market cap of $51.25 billion, a PE ratio of 13.75, a PEG ratio of 0.77 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, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The company has a fifty day moving average price of $507.03 and a 200 day moving average price of $480.30.

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, topping 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 analysts' expectations of $4.87 billion. During the same quarter in the prior year, the company earned $9.11 EPS. The company's revenue was up 11.6% on a year-over-year basis. Research analysts predict that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 3rd will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 3rd. Ameriprise Financial's dividend payout ratio is currently 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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