Meeder Asset Management Inc. Grows Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Meeder Asset Management increased its Ameriprise Financial stake by 70.7% in the second quarter, bringing its holdings to 44,189 shares valued at approximately $20.3 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 in EPS and $4.90 billion in revenue, with revenue up 11.6% year over year. The company also declared a quarterly dividend of $1.70, equivalent to a 1.2% annual yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33, while insiders sold nearly 30,000 shares worth $16.3 million during the last quarter.

Meeder Asset Management Inc. raised its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 70.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,189 shares of the financial services provider's stock after acquiring an additional 18,295 shares during the period. Ameriprise Financial makes up 1.0% of Meeder Asset Management Inc.'s portfolio, making the stock its 20th largest holding. Meeder Asset Management Inc.'s holdings in Ameriprise Financial were worth $20,272,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Institute for Wealth Management LLC. increased its stake in 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 acquiring an additional 21 shares during the last quarter. EPG Wealth Management LLC raised its stake in shares of Ameriprise Financial by 0.8% in the fourth quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock valued at $1,331,000 after acquiring an additional 21 shares during the period. Essex Financial Services Inc. lifted its stake in Ameriprise Financial by 2.4% in the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock worth $443,000 after purchasing an additional 21 shares during the last quarter. SouthState Bank Corp boosted its position 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 buying an additional 22 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Ameriprise Financial by 5.4% during the second quarter. Geneos Wealth Management Inc. now owns 447 shares of the financial services provider's stock valued at $239,000 after buying an additional 23 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Down 1.4%

Ameriprise Financial stock opened at $561.83 on Tuesday. The stock has a 50-day moving average of $509.29 and a two-hundred day moving average of $480.60. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The stock has a market cap of $50.51 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the firm earned $9.11 earnings per share. The company's revenue was up 11.6% on a year-over-year basis. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 46.12 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at $398,517.09. The trade was a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Piper Sandler upped their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. BMO Capital Markets upped their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $555.33.

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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