McElhenny Sheffield Capital Management LLC Buys 720 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• McElhenny Sheffield Capital Management LLC increased its stake in Ameriprise Financial by 81.5% during the second quarter, owning a total of 1,603 shares worth approximately $856,000.
• Ameriprise Financial reported $9.11 EPS for the last quarter, exceeding analysts' expectations, and showed a 2.2% increase in revenue year-over-year.
• The company recently announced a quarterly dividend of $1.60 per share, with an annualized yield of 1.3% and a payout ratio of 19.91%.

McElhenny Sheffield Capital Management LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 81.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,603 shares of the financial services provider's stock after purchasing an additional 720 shares during the quarter. McElhenny Sheffield Capital Management LLC's holdings in Ameriprise Financial were worth $856,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in Ameriprise Financial during the 1st quarter worth approximately $29,000. TD Capital Management LLC grew its holdings in Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock worth $29,000 after acquiring an additional 51 shares during the last quarter. WPG Advisers LLC bought a new stake in Ameriprise Financial during the 1st quarter worth approximately $33,000. Opal Wealth Advisors LLC bought a new stake in Ameriprise Financial during the 1st quarter worth approximately $36,000. Finally, Hager Investment Management Services LLC grew its holdings in Ameriprise Financial by 114.3% during the 2nd quarter. Hager Investment Management Services LLC now owns 75 shares of the financial services provider's stock worth $40,000 after acquiring an additional 40 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Stock Down 1.5%

Ameriprise Financial stock opened at $490.09 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The firm's fifty day moving average is $501.37 and its 200 day moving average is $502.07. The company has a market capitalization of $46.20 billion, a PE ratio of 15.25, a PEG ratio of 1.12 and a beta of 1.26.

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

Ameriprise Financial Dividend Announcement

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMP. Piper Sandler boosted their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. BMO Capital Markets started coverage on shares of Ameriprise Financial in a research note on Friday, October 3rd. They issued a "market perform" rating and a $525.00 price objective on the stock. Morgan Stanley reduced their price objective on shares of Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating on the stock in a research note on Wednesday, October 1st. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ameriprise Financial in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average target price of $535.14.

Ameriprise Financial Profile

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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