NewEdge Advisors LLC Sells 4,724 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• NewEdge Advisors reduced its Ameriprise Financial stake by 29.7% in the second quarter, selling 4,724 shares and retaining 11,172 shares valued at approximately $5.1 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33.
• The company paid a quarterly dividend of $1.70 per share, equivalent to $6.80 annually and a 1.2% yield. Company insiders sold nearly 30,000 shares worth about $16.3 million during the latest quarter.

NewEdge Advisors LLC reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 29.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,172 shares of the financial services provider's stock after selling 4,724 shares during the quarter. NewEdge Advisors LLC's holdings in Ameriprise Financial were worth $5,125,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of AMP. California State Teachers Retirement System boosted its stake in Ameriprise Financial by 47,323.5% during the 2nd quarter. California State Teachers Retirement System now owns 63,911,691 shares of the financial services provider's stock valued at $29,320,127,000 after purchasing an additional 63,776,923 shares during the last quarter. Norges Bank bought a new stake in shares of Ameriprise Financial in the 4th quarter worth $742,438,000. Bank of America Corp DE purchased a new position in shares of Ameriprise Financial in the second quarter worth $320,948,000. Legal & General Group Plc bought a new position in shares of Ameriprise Financial during the second quarter valued at $262,687,000. Finally, Hsbc Holdings PLC bought a new position in shares of Ameriprise Financial during the second quarter valued at $248,547,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMP has been the subject of several research analyst reports. Jefferies Financial Group lifted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Morgan Stanley raised their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company 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 assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Stock Performance

Shares of AMP opened at $558.52 on Tuesday. The firm has a market capitalization of $50.21 billion, a P/E ratio of 13.47, a PEG ratio of 1.00 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The business has a fifty day moving average of $545.64 and a 200 day moving average of $488.72.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial's revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.11 earnings per share. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last quarter. Company insiders own 0.60% of the company's stock.

About Ameriprise Financial

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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