Munich Reinsurance Co Stock Corp in Munich Raises Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Munich Reinsurance dramatically increased its stake in Ameriprise Financial, boosting holdings by 1,048.5% in the first quarter to 21,316 shares worth about $9.47 million.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Hold,” with one Strong Buy, three Buys, six Holds, and one Sell, and an average price target of $543.22.
• Ameriprise reported better-than-expected earnings of $11.26 per share on revenue of $4.77 billion, and it also raised its quarterly dividend to $1.70 per share.

Munich Reinsurance Co Stock Corp in Munich boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,048.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,316 shares of the financial services provider's stock after acquiring an additional 19,460 shares during the period. Munich Reinsurance Co Stock Corp in Munich's holdings in Ameriprise Financial were worth $9,473,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AMP. SouthState Bank Corp boosted 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 acquiring an additional 22 shares in the last quarter. Holos Integrated Wealth LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth $30,000. Ares Financial Consulting LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $32,000. Prosperity Bancshares Inc acquired a new stake in shares of Ameriprise Financial during the 4th quarter valued at approximately $33,000. Finally, Evolution Wealth Management Inc. acquired a new position in Ameriprise Financial during the first quarter worth $34,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMP has been the topic of a number of research reports. Weiss Ratings cut shares of Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a report on Friday, April 10th. They issued a "hold" rating for the company. Piper Sandler lifted their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. Morgan Stanley upped their target price on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. Finally, BMO Capital Markets boosted their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $543.22.

Insider Buying and Selling at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the sale, the executive vice president directly owned 6,103 shares of the company's stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by insiders.

Ameriprise Financial Stock Down 3.6%

Shares of NYSE:AMP opened at $489.54 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The firm has a market cap of $44.01 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.06 and a beta of 1.16. The stock's 50-day moving average price is $463.80 and its two-hundred day moving average price is $472.66. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company posted $9.50 EPS. The company's quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts forecast that Ameriprise Financial, Inc. will post 43.01 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a $1.70 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is 16.91%.

About Ameriprise Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.