Northwestern Mutual Wealth Management Co. Boosts Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Northwestern Mutual Wealth Management Co. boosted its Ameriprise Financial stake by 1,725.2% in the fourth quarter, ending with 158,259 shares valued at about $77.6 million.
• Ameriprise reported better-than-expected quarterly earnings of $11.26 per share, though revenue of $4.77 billion came in slightly below estimates; revenue still rose 9.7% year over year.
• The company also raised its quarterly dividend to $1.70 per share from $1.60, while analysts currently rate the stock a consensus “Hold” with an average target price of $543.22.

Northwestern Mutual Wealth Management Co. grew its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,725.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,259 shares of the financial services provider's stock after purchasing an additional 149,588 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.17% of Ameriprise Financial worth $77,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in AMP. M&T Bank Corp grew its position in Ameriprise Financial by 1,440.2% in the fourth quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider's stock worth $228,572,000 after acquiring an additional 435,885 shares during the period. Qube Research & Technologies Ltd grew its position in Ameriprise Financial by 140.5% in the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider's stock worth $231,805,000 after acquiring an additional 275,659 shares during the period. Man Group plc grew its position in Ameriprise Financial by 687.4% in the third quarter. Man Group plc now owns 276,822 shares of the financial services provider's stock worth $135,989,000 after acquiring an additional 241,665 shares during the period. Federated Hermes Inc. grew its position in Ameriprise Financial by 29.3% in the third quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock worth $474,628,000 after acquiring an additional 219,080 shares during the period. Finally, Close Asset Management Ltd grew its position in Ameriprise Financial by 78.2% in the third quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider's stock worth $227,652,000 after acquiring an additional 203,252 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Get Ameriprise Financial SMS alerts:

Sign Up

Insider Activity

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the 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 sale, the director directly 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 is accessible through the SEC website. Insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Up 0.0%

AMP opened at $470.53 on Monday. The firm has a market cap of $42.30 billion, a P/E ratio of 11.70, a P/E/G ratio of 1.11 and a beta of 1.20. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $550.18. The business has a fifty day simple moving average of $454.50 and a 200-day simple moving average of $473.59.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.21 by $1.05. The business had revenue of $4.77 billion for the quarter, compared to analysts' expectations of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm earned $9.50 earnings per share. On average, equities analysts expect that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current year.

Ameriprise Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMP. Raymond James Financial set a $582.00 price objective on Ameriprise Financial and gave the stock a "strong-buy" rating in a research report on Wednesday, February 11th. Jefferies Financial Group increased their price objective on Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. BMO Capital Markets increased their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Morgan Stanley raised their price target on Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. Finally, Piper Sandler raised their price target on Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of "Hold" and a consensus target price of $543.22.

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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

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.