Moran Wealth Management LLC Lowers Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Moran Wealth Management reduced its Ameriprise Financial stake by 3.4% in the second quarter, selling 2,361 shares and retaining 68,051 shares valued at approximately $31.2 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The stock opened at $570.06, near its 12-month high of $572.56.
• The company declared a quarterly dividend of $1.70 per share, equivalent to $6.80 annually and a 1.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $555.33, while insiders have sold nearly $16.3 million in stock over the past 90 days.

Moran Wealth Management LLC lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,051 shares of the financial services provider's stock after selling 2,361 shares during the quarter. Ameriprise Financial comprises about 0.9% of Moran Wealth Management LLC's holdings, making the stock its 17th largest position. Moran Wealth Management LLC owned approximately 0.08% of Ameriprise Financial worth $31,219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AMP. PFG Investments LLC lifted its position in Ameriprise Financial by 1.4% during the 4th quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock worth $729,000 after acquiring an additional 21 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of 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 valued at $297,000 after purchasing an additional 21 shares during the last quarter. EPG Wealth Management LLC grew its stake in shares of Ameriprise Financial by 0.8% in the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock valued at $1,331,000 after purchasing an additional 21 shares during the last quarter. Essex Financial Services Inc. increased its holdings in shares of Ameriprise Financial by 2.4% in the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock valued at $443,000 after purchasing an additional 21 shares during the period. Finally, SouthState Bank Corp increased its holdings in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 22 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $570.06 on Friday. The company has a market cap of $51.25 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. The stock has a 50 day simple moving average of $507.03 and a 200-day simple moving average of $480.30. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $4.87 billion. During the same period last year, the firm earned $9.11 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be given a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's dividend payout ratio is presently 16.40%.

Insiders Place Their Bets

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This represents 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 ninety days. 0.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. BMO Capital Markets raised their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Finally, Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Two 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. Based on data from MarketBeat.com, Ameriprise Financial currently has a consensus 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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