Martingale Asset Management L P Increases Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Martingale Asset Management increased its stake in Ameriprise Financial (NYSE:AMP) by 22.3%, buying an additional 4,864 shares to hold 26,720 shares valued at about $13.13 million.
• Other large institutional moves include Norges Bank buying a new stake worth roughly $693.7 million and JPMorgan owning 6.27 million shares (~$3.35 billion), leaving institutions with about 83.95% of the stock.
• Company insiders have been net sellers this quarter—16,658 shares were sold worth about $9.0 million (including sales by CFO Walter Berman and Gumer Alvero, each cutting their holdings by ~50%)—and insiders now own 0.73% of the company.

Martingale Asset Management L P lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 22.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,720 shares of the financial services provider's stock after acquiring an additional 4,864 shares during the period. Martingale Asset Management L P's holdings in Ameriprise Financial were worth $13,126,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of AMP. Norges Bank bought a new stake in shares of Ameriprise Financial in the 2nd quarter worth $693,736,000. JPMorgan Chase & Co. increased its position in shares of Ameriprise Financial by 7.7% during the second quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider's stock worth $3,347,019,000 after acquiring an additional 446,080 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Ameriprise Financial by 29.3% during the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock valued at $474,628,000 after acquiring an additional 219,080 shares during the last quarter. Close Asset Management Ltd raised its stake in shares of Ameriprise Financial by 78.2% during the 3rd quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider's stock worth $227,652,000 after acquiring an additional 203,252 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in Ameriprise Financial by 29.8% in the 2nd quarter. Hsbc Holdings PLC now owns 491,058 shares of the financial services provider's stock valued at $262,075,000 after acquiring an additional 112,784 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other news, insider Gumer Alvero sold 4,658 shares of the company's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the completion of the sale, the insider directly owned 4,621 shares in the company, valued at approximately $2,508,648.48. This represents a 50.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Walter Stanley Berman sold 7,000 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $544.22, for a total transaction of $3,809,540.00. Following the completion of the sale, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,052,529.98. This represents a 55.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,658 shares of company stock worth $8,998,675. Insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

AMP stock opened at $439.51 on Friday. The business's fifty day simple moving average is $492.60 and its two-hundred day simple moving average is $485.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $550.18. The firm has a market cap of $40.07 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.05 and a beta of 1.27.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 EPS for the quarter, topping analysts' consensus estimates of $10.33 by $0.50. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The business had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.75 billion. During the same period last year, the firm earned $9.54 earnings per share. Ameriprise Financial's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Monday, February 9th were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, February 9th. This represents a $6.40 annualized dividend and a dividend yield of 1.5%. Ameriprise Financial's dividend payout ratio (DPR) is currently 17.60%.

Analyst Ratings Changes

Several research firms have recently commented on AMP. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Raymond James Financial set a $582.00 target price on shares of Ameriprise Financial and gave the company a "strong-buy" rating in a research note on Wednesday, February 11th. Piper Sandler upgraded shares of Ameriprise Financial from an "underweight" rating to a "neutral" rating and boosted their target price for the stock from $434.00 to $530.00 in a report on Friday, January 30th. Morgan Stanley lifted their price target on shares of Ameriprise Financial from $484.00 to $485.00 and gave the company an "underweight" rating in a research note on Monday, December 22nd. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Ameriprise Financial in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $555.67.

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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