Lecap Asset Management Ltd. Makes New $577,000 Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Lecap Asset Management Ltd. has made a new investment of approximately $577,000 in Ameriprise Financial, acquiring 1,081 shares of the company in the second quarter.
• Institutional investors currently own 83.95% of Ameriprise Financial's stock, reflecting significant hedge fund activities including increased stakes from firms like JPMorgan and UBS.
• Ameriprise Financial reported a quarterly earnings per share of $9.11, exceeding analysts' expectations of $9.00, with revenues of $4.49 billion for the quarter.

Lecap Asset Management Ltd. bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,081 shares of the financial services provider's stock, valued at approximately $577,000.

Several other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock worth $2,819,900,000 after purchasing an additional 1,023,002 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Ameriprise Financial by 55.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,244,788 shares of the financial services provider's stock worth $1,086,724,000 after acquiring an additional 796,925 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock valued at $578,852,000 after acquiring an additional 266,631 shares during the period. Nuveen LLC purchased a new position in Ameriprise Financial during the 1st quarter valued at about $469,334,000. Finally, Royal Bank of Canada boosted its stake in Ameriprise Financial by 1.1% during the first quarter. Royal Bank of Canada now owns 733,036 shares of the financial services provider's stock worth $354,870,000 after acquiring an additional 7,840 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

NYSE AMP opened at $491.33 on Friday. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The stock has a 50-day moving average of $503.52 and a 200 day moving average of $502.08. The company has a market capitalization of $46.32 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 1.03 and a beta of 1.26. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

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

Ameriprise Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AMP. Piper Sandler lifted their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Morgan Stanley lowered their price target on Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating for the company in a research report on Wednesday. Finally, Raymond James Financial upped their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $536.83.

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the sale, the chief executive officer owned 11,047 shares in the company, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

About Ameriprise Financial

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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