Northwestern Mutual Wealth Management Co. Invests $3.99 Million in Ameriprise Financial, Inc. $AMP

Key Points

• Northwestern Mutual Wealth Management purchased 8,704 Ameriprise Financial shares worth approximately $3.99 million in the second quarter. Institutional investors collectively own 83.95% of AMP’s outstanding stock.
• Ameriprise exceeded quarterly expectations, reporting $11.07 in EPS and $4.90 billion in revenue, with revenue up 11.6% year over year. Analysts maintain a “Moderate Buy” consensus rating and a $555.33 average price target.
• The company declared a quarterly dividend of $1.70 per share, equivalent to a $6.80 annualized payout and a 1.2% yield, while insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

Northwestern Mutual Wealth Management Co. purchased a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,704 shares of the financial services provider's stock, valued at approximately $3,993,000.

Several other hedge funds have also recently bought and sold shares of the company. SouthState Bank Corp grew its holdings in 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 last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth about $32,000. Finally, Prosperity Bancshares Inc acquired a new stake in Ameriprise Financial in the 4th quarter valued at about $33,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $561.00 on Tuesday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The stock has a market capitalization of $50.43 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.74 and a beta of 1.14. The firm's 50-day moving average is $519.69 and its two-hundred day moving average is $481.87. 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 (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.11 earnings per share. Equities analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their target price 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. Weiss Ratings upgraded shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. Morgan Stanley raised their price objective 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 note on Monday, July 27th. Finally, Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $555.33.

Insiders Place Their Bets

In other news, insider William Jerryl Williams sold 8,210 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Insiders own 0.60% of the company's stock.

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.

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).

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