Kingsview Wealth Management LLC Buys 16,625 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Kingsview Wealth Management increased its stake in Ameriprise Financial by 573.5% in the fourth quarter, buying 16,625 additional shares and lifting its holding to 19,524 shares worth about $9.6 million.
• Ameriprise Financial reported better-than-expected quarterly earnings of $11.26 per share, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its quarterly dividend to $1.70 per share, and analysts currently view the stock cautiously with a consensus rating of Hold and a target price of $543.22.

Kingsview Wealth Management LLC lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 573.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,524 shares of the financial services provider's stock after acquiring an additional 16,625 shares during the quarter. Kingsview Wealth Management LLC's holdings in Ameriprise Financial were worth $9,574,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Holos Integrated Wealth LLC purchased a new position in Ameriprise Financial during the fourth quarter worth about $30,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the 3rd quarter valued at about $32,000. Ares Financial Consulting LLC bought a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $32,000. WFA of San Diego LLC bought a new position in shares of Ameriprise Financial during the 2nd quarter worth approximately $36,000. Finally, Activest Wealth Management boosted its stake in shares of Ameriprise Financial by 777.8% in the 4th quarter. Activest Wealth Management now owns 79 shares of the financial services provider's stock worth $39,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AMP shares. Piper Sandler upped their target price on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Weiss Ratings cut Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. BMO Capital Markets upped their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Finally, Raymond James Financial set a $582.00 target price on Ameriprise Financial and gave the stock a "strong-buy" rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Trading Down 0.8%

Shares of AMP stock opened at $439.68 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. The firm has a market cap of $39.53 billion, a P/E ratio of 10.93, a PEG ratio of 1.05 and a beta of 1.20. The company has a 50 day moving average of $455.01 and a 200-day moving average of $473.14. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the business earned $9.50 earnings per share. Ameriprise Financial's revenue for the quarter was up 9.7% on a year-over-year basis. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's payout ratio is currently 16.91%.

Insider Buying and Selling at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial 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 completion of the sale, the director owned 6,300 shares of the company's stock, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This represents a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is currently owned by corporate insiders.

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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