NewEdge Wealth LLC Invests $1.19 Million in Ameriprise Financial, Inc. $AMP

Key Points

• NewEdge Wealth bought 2,600 Ameriprise Financial shares worth approximately $1.19 million in the second quarter. Institutional investors collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly expectations, reporting $11.07 EPS versus the $10.81 consensus and $4.90 billion in revenue, up 11.6% year over year.
• Insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days, while analysts maintain a “Moderate Buy” consensus with an average price target of $555.33.

NewEdge Wealth LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,600 shares of the financial services provider's stock, valued at approximately $1,193,000.

Several other hedge funds have also recently bought and sold shares of AMP. Brighton Jones LLC lifted its position in shares of Ameriprise Financial by 6.9% in the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after purchasing an additional 50 shares in the last quarter. Empowered Funds LLC grew its position in Ameriprise Financial by 11.8% during the first quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider's stock valued at $2,915,000 after purchasing an additional 634 shares in the last quarter. Sivia Capital Partners LLC increased its stake in 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 during the period. Schnieders Capital Management LLC. purchased a new stake in Ameriprise Financial in the 2nd quarter worth approximately $313,000. Finally, Gabelli Funds LLC lifted its position in Ameriprise Financial by 224.8% in the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock worth $2,253,000 after buying an additional 2,922 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Walter Stanley Berman sold 11,012 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William Jerryl Williams sold 8,210 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $556.56 on Friday. The firm has a fifty day simple moving average of $517.67 and a 200-day simple moving average of $482.00. 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, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The stock has a market capitalization of $50.03 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 0.74 and a beta of 1.14.

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 (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $9.11 EPS. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research note on Friday, July 10th. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. BMO Capital Markets boosted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Jefferies Financial Group increased 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. Finally, Keefe, Bruyette & Woods raised 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 issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $555.33.

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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