Merited Wealth LLC Invests $1.15 Million in Ameriprise Financial, Inc. $AMP

Key Points

• Merited Wealth LLC opened a new position in Ameriprise Financial in the first quarter, buying 2,580 shares valued at about $1.15 million.
• Ameriprise also saw other institutional activity, with several large investors increasing stakes and institutional ownership remaining high at 83.95%, while insiders hold just 0.60% of the stock.
• The company reported strong quarterly results, beating EPS expectations with $11.26 per share, and it raised its dividend to $1.70 per share quarterly, or $6.80 annualized.

Merited Wealth LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 2,580 shares of the financial services provider's stock, valued at approximately $1,147,000.

A number of other institutional investors have also modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Ameriprise Financial by 5.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,258 shares of the financial services provider's stock worth $98,388,000 after acquiring an additional 10,782 shares during the last quarter. Pensionfund Sabic bought a new stake in Ameriprise Financial in the 4th quarter valued at about $1,471,000. LSV Asset Management lifted its position in Ameriprise Financial by 1.3% in the 4th quarter. LSV Asset Management now owns 272,018 shares of the financial services provider's stock valued at $133,381,000 after purchasing an additional 3,548 shares during the last quarter. KBC Group NV boosted its stake in Ameriprise Financial by 12.2% during the 4th quarter. KBC Group NV now owns 150,606 shares of the financial services provider's stock valued at $73,848,000 after purchasing an additional 16,433 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Ameriprise Financial by 10.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 107,199 shares of the financial services provider's stock valued at $52,775,000 after purchasing an additional 9,859 shares during the period. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In related news, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares in the company, valued at approximately $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. 0.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMP has been the topic of several analyst reports. BMO Capital Markets raised their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Piper Sandler raised their target price on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a research note on Friday, April 10th. They set a "hold" rating on the stock. Finally, Morgan Stanley lifted their target price on Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $543.22.

Ameriprise Financial Stock Up 4.4%

AMP opened at $478.97 on Thursday. Ameriprise Financial, Inc. has a one year low of $422.37 and a one 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's fifty day moving average is $460.79 and its 200-day moving average is $472.42. The company has a market capitalization of $43.06 billion, a PE ratio of 11.91, a P/E/G ratio of 0.96 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. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the business posted $9.50 earnings per share. The company's quarterly revenue was up 9.7% on a year-over-year basis. On average, equities analysts predict that Ameriprise Financial, Inc. will post 43.01 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's dividend payout ratio is presently 16.91%.

Ameriprise Financial 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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