L2 Asset Management LLC Invests $7.32 Million in Ameriprise Financial, Inc. $AMP

Key Points

• L2 Asset Management initiated a $7.32 million position in Ameriprise Financial during the second quarter by purchasing 15,947 shares. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates by $0.26, while revenue rose 11.6% year over year to $4.90 billion. The company also pays a quarterly dividend of $1.70 per share, representing a 1.2% annualized yield.
• Shares opened at $561, near their one-year high of $572.56, and analysts maintain a consensus “Moderate Buy” rating with a $555.33 target price. Meanwhile, insiders sold nearly 30,000 shares worth $16.3 million over the past three months.

L2 Asset Management LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 15,947 shares of the financial services provider's stock, valued at approximately $7,316,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SouthState Bank Corp boosted its position in shares of Ameriprise Financial by 78.6% during the fourth 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 last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Ameriprise Financial during the first quarter worth $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial in the 2nd quarter valued at $28,000. Ares Financial Consulting LLC purchased a new stake in Ameriprise Financial in the 4th quarter valued at $32,000. Finally, Prosperity Bancshares Inc bought a new position in Ameriprise Financial during the 4th quarter valued at $33,000. 83.95% of the stock is owned by institutional investors.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Up 1.0%

Shares of NYSE:AMP opened at $561.00 on Tuesday. The company has a market capitalization of $50.43 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.74 and a beta of 1.14. 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 fifty day moving average price of $519.69 and a two-hundred day moving average price of $481.87. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $9.11 EPS. Analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMP. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Piper Sandler boosted 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. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

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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