Maj Invest Holding A S Sells 34,712 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Maj Invest Holding A S reduced its Ameriprise Financial stake by 11.7%, selling 34,712 shares and retaining 262,966 shares worth approximately $120.6 million. Institutional investors collectively own 83.95% of AMP.
• Analyst sentiment remains moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $555.33; recent target changes ranged from $489 to $645.
• Ameriprise exceeded quarterly expectations, reporting $11.07 in adjusted EPS and $4.90 billion in revenue, while revenue rose 11.6% year over year. The company also declared a $1.70 quarterly dividend, equivalent to a 1.2% yield.

Maj Invest Holding A S lowered its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 11.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 262,966 shares of the financial services provider's stock after selling 34,712 shares during the period. Ameriprise Financial comprises about 5.5% of Maj Invest Holding A S's portfolio, making the stock its 8th biggest position. Maj Invest Holding A S owned about 0.29% of Ameriprise Financial worth $120,639,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMP. SouthState Bank Corp boosted its stake 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 purchasing an additional 22 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial in the first quarter valued at approximately $28,000. Ares Financial Consulting LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $32,000. Prosperity Bancshares Inc bought a new position in Ameriprise Financial in the 4th quarter valued at approximately $33,000. Finally, WFA of San Diego LLC bought a new position in Ameriprise Financial in the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AMP shares. Weiss Ratings raised shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 17th. BMO Capital Markets raised their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Piper Sandler lifted 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. Jefferies Financial Group increased their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, Morgan Stanley raised their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of "Moderate Buy" and a consensus price target of $555.33.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial 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 completion of the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 33,371 shares of company stock valued at $17,668,423. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Stock Down 1.5%

Ameriprise Financial stock opened at $551.27 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.66 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $565.05. The firm has a 50 day moving average price of $495.41 and a two-hundred day moving average price of $478.07. The firm has a market cap of $49.56 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.74 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the firm posted $9.11 EPS. The company's quarterly revenue was up 11.6% on a year-over-year basis. Equities analysts predict that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 3rd will be issued a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's payout ratio is presently 16.40%.

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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

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