KLP Kapitalforvaltning AS Raises Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• KLP Kapitalforvaltning AS increased its stake in Ameriprise Financial by 3.3%, now holding 34,519 shares valued at $18.42 million.
• Ameriprise Financial reported $9.11 EPS for the last quarter, exceeding estimates, with a revenue of $4.49 billion.
• The company announced a quarterly dividend of $1.60 per share, resulting in a 1.3% yield and a 19.91% dividend payout ratio.

KLP Kapitalforvaltning AS grew its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,519 shares of the financial services provider's stock after buying an additional 1,100 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Ameriprise Financial were worth $18,424,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after buying an additional 83 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Ameriprise Financial by 91.6% during the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after purchasing an additional 683 shares during the period. Ascent Group LLC purchased a new stake in Ameriprise Financial during the first quarter worth approximately $371,000. Advisory Alpha LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth $265,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Down 1.5%

NYSE AMP opened at $490.09 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The firm's fifty day simple moving average is $501.37 and its 200-day simple moving average is $502.07. The company has a market capitalization of $46.20 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.12 and a beta of 1.26.

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

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's dividend payout ratio is presently 19.91%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AMP shares. William Blair cut shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Morgan Stanley reduced their price objective on Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Ameriprise Financial in a report on Wednesday. BMO Capital Markets assumed coverage on shares of Ameriprise Financial in a research report on Friday, October 3rd. They issued a "market perform" rating and a $525.00 price objective on the stock. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $535.14.

Insider Transactions at Ameriprise Financial

In other news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Heather J. Melloh sold 1,500 shares of the firm's stock in a transaction that occurred 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 completion of 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company's stock.

Ameriprise Financial Company 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.

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