Korea Investment CORP Makes New $23.18 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Korea Investment CORP purchased 50,527 shares of Ameriprise Financial worth approximately $23.18 million in the second quarter, while institutional investors collectively owned 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, surpassing estimates of $10.81, as revenue rose 11.6% year over year to $4.90 billion. The company also paid a quarterly dividend of $1.70 per share, representing a 1.2% annualized yield.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $555.33 price target, although insiders sold nearly 30,000 shares worth $16.3 million during the quarter.

Korea Investment CORP purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 50,527 shares of the financial services provider's stock, valued at approximately $23,180,000. Korea Investment CORP owned 0.06% of Ameriprise Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. EP Wealth Advisors LLC bought a new stake in Ameriprise Financial during the second quarter valued at $1,704,000. Ieq Capital LLC purchased a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $13,557,000. Callan Family Office LLC purchased a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $3,297,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Ameriprise Financial during the 2nd quarter valued at about $94,000. Finally, OneAscent Investment Solutions LLC bought a new stake in shares of Ameriprise Financial during the 2nd quarter valued at about $500,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other news, insider William Jerryl Williams sold 8,210 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 29,988 shares of company stock valued at $16,316,497. Insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods lifted their target price 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. Piper Sandler lifted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. Two equities research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $555.33.

Ameriprise Financial Stock Performance

Shares of NYSE AMP opened at $556.56 on Monday. The stock has a market cap of $50.03 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 0.74 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 stock's 50-day moving average is $517.67 and its 200 day moving average is $481.65.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the firm earned $9.11 earnings per share. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial's payout ratio is presently 16.40%.

Ameriprise Financial Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source