Louisiana State Employees Retirement System Buys Shares of 4,700 Ameriprise Financial, Inc. $AMP

Key Points

• Louisiana State Employees Retirement System opened a new position in Ameriprise Financial during the first quarter, buying 4,700 shares worth about $2.09 million.
• Several analysts adjusted their views on AMP, with price targets moving higher at firms like Piper Sandler and BMO Capital Markets. Despite that, the stock’s overall consensus rating remains Hold.
• Ameriprise reported strong quarterly results, with EPS of $11.26 beating estimates, and it also raised its quarterly dividend to $1.70 per share from $1.60.

Louisiana State Employees Retirement System purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 4,700 shares of the financial services provider's stock, valued at approximately $2,089,000.

Other large investors have also recently modified their holdings of the company. PFG Investments LLC grew its holdings in Ameriprise Financial by 1.4% in the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock worth $729,000 after purchasing an additional 21 shares during the last quarter. Institute for Wealth Management LLC. boosted its position in shares of Ameriprise Financial by 3.6% in the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider's stock worth $297,000 after purchasing an additional 21 shares in the last quarter. EPG Wealth Management LLC boosted its position in shares of Ameriprise Financial by 0.8% in the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock worth $1,331,000 after purchasing an additional 21 shares in the last quarter. Essex Financial Services Inc. grew its stake in Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock worth $443,000 after buying an additional 21 shares during the last quarter. Finally, SouthState Bank Corp grew its stake in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after buying an additional 22 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the sale, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on AMP shares. Piper Sandler increased their price target on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They issued a "hold" rating for the company. Finally, BMO Capital Markets boosted their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Stock Up 2.6%

Ameriprise Financial stock opened at $458.29 on Wednesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The business's 50-day simple moving average is $460.35 and its two-hundred day simple moving average is $472.55. The company has a market cap of $41.20 billion, a PE ratio of 11.40, a PEG ratio of 0.94 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the firm earned $9.50 earnings per share. Ameriprise Financial's revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts anticipate that Ameriprise Financial, Inc. will post 43.01 EPS for the current year.

Ameriprise Financial Increases Dividend

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

Ameriprise Financial 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.

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