Meeder Asset Management Inc. Increases Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Meeder Asset Management sharply increased its stake in Ameriprise Financial by 3,945.9% in the first quarter, ending with 25,894 shares worth about $11.5 million.
• Ameriprise Financial reported strong quarterly earnings of $11.26 per share, beating estimates, while revenue rose 9.7% year over year. The company also boosted its quarterly dividend to $1.70 per share from $1.60.
• Wall Street sentiment is mixed but generally cautious: analysts currently have a Hold consensus on AMP, with a consensus price target of $553.67. Meanwhile, several insiders sold shares in recent transactions.

Meeder Asset Management Inc. raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3,945.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,894 shares of the financial services provider's stock after acquiring an additional 25,254 shares during the quarter. Meeder Asset Management Inc.'s holdings in Ameriprise Financial were worth $11,507,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in AMP. Brighton Jones LLC increased its stake in Ameriprise Financial by 6.9% in the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after purchasing an additional 50 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Ameriprise Financial by 11.8% during the 1st quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider's stock worth $2,915,000 after buying an additional 634 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Ameriprise Financial by 14.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider's stock valued at $312,000 after buying an additional 72 shares in the last quarter. Schnieders Capital Management LLC. purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at $313,000. Finally, Gabelli Funds LLC grew its position in shares of Ameriprise Financial by 224.8% in the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock valued at $2,253,000 after buying an additional 2,922 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMP. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. BMO Capital Markets boosted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Keefe, Bruyette & Woods assumed coverage on Ameriprise Financial in a research note on Friday, April 10th. They set a "hold" rating on the stock. Piper Sandler lifted their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $553.67.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares of the company's stock, valued at $2,883,789.56. This represents a 50.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director owned 6,300 shares in the company, valued at $2,934,729. This trade represents a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Up 0.0%

NYSE:AMP opened at $527.91 on Monday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $550.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a fifty day moving average price of $470.45 and a two-hundred day moving average price of $473.70. The stock has a market capitalization of $47.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.94 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating the consensus estimate of $10.21 by $1.05. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.50 EPS. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 43.74 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial's payout ratio is currently 16.91%.

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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