Man Group plc Makes New $228.31 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Man Group plc acquired a new Ameriprise Financial stake of 497,670 shares valued at approximately $228.3 million, representing 0.55% of the company. Institutional investors collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly expectations, reporting adjusted EPS of $11.07 versus the $10.81 consensus and revenue of $4.90 billion, up 11.6% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33, while Ameriprise pays a quarterly dividend of $1.70 per share, equal to a 1.2% annual yield.

Man Group plc bought a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 497,670 shares of the financial services provider's stock, valued at approximately $228,311,000. Man Group plc owned 0.55% of Ameriprise Financial at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Ameriprise Financial by 5.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,258 shares of the financial services provider's stock valued at $98,388,000 after purchasing an additional 10,782 shares during the period. National Pension Service increased its stake in Ameriprise Financial by 8.2% during the 4th quarter. National Pension Service now owns 165,543 shares of the financial services provider's stock worth $81,172,000 after buying an additional 12,563 shares during the period. LSV Asset Management increased its stake in Ameriprise Financial by 1.3% during the 4th quarter. LSV Asset Management now owns 272,018 shares of the financial services provider's stock worth $133,381,000 after buying an additional 3,548 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in Ameriprise Financial in the 4th quarter worth $72,050,000. Finally, D.A. Davidson & CO. lifted its holdings in Ameriprise Financial by 116.5% in the 4th quarter. D.A. Davidson & CO. now owns 13,380 shares of the financial services provider's stock worth $6,561,000 after buying an additional 7,200 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction on 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 transaction, the insider directly owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock worth $16,316,497 in the last three months. 0.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AMP shares. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Piper Sandler lifted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Finally, Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $555.33.

Ameriprise Financial Stock Performance

AMP stock opened at $560.30 on Wednesday. The company has a 50-day simple moving average of $521.48 and a 200 day simple moving average of $481.98. The company has a market capitalization of $50.37 billion, a P/E ratio of 13.51, a PEG ratio of 0.75 and a beta of 1.14. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week 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, beating the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $9.11 EPS. Sell-side analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal 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 paid a dividend of $1.70 per share. 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 dividend payout ratio (DPR) is currently 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.

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