OLD National Bancorp IN Buys 2,384 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• OLD National Bancorp IN increased its stake in Ameriprise Financial by 16.1% in the first quarter, buying 2,384 additional shares and lifting its holdings to 17,202 shares worth about $7.65 million.
• Ameriprise reported strong quarterly earnings, posting EPS of $11.26 versus the $10.21 consensus estimate, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its dividend to $1.70 per share quarterly from $1.60, and analysts currently have an average rating of Hold with a consensus price target of $543.22.

OLD National Bancorp IN raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 16.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 17,202 shares of the financial services provider's stock after purchasing an additional 2,384 shares during the quarter. OLD National Bancorp IN's holdings in Ameriprise Financial were worth $7,645,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AMP. Brighton Jones LLC lifted its position in shares of Ameriprise Financial by 6.9% in the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after purchasing an additional 50 shares during the period. Empowered Funds LLC raised its stake 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 worth $2,915,000 after buying an additional 634 shares during the last quarter. Sivia Capital Partners LLC raised its stake in Ameriprise Financial by 14.1% during the second quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider's stock worth $312,000 after buying an additional 72 shares during the last quarter. Schnieders Capital Management LLC. acquired a new position in Ameriprise Financial in the second quarter valued at $313,000. Finally, Gabelli Funds LLC lifted its holdings in Ameriprise Financial by 224.8% in the second quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock valued at $2,253,000 after buying an additional 2,922 shares during the period. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction on 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 completion of the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This represents a 50.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the sale, the director owned 6,300 shares of the company's stock, valued at approximately $2,934,729. This represents a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Stock Performance

Shares of AMP opened at $452.88 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a 50 day moving average price of $460.54 and a two-hundred day moving average price of $473.07. The firm has a market capitalization of $40.71 billion, a P/E ratio of 11.26, a P/E/G ratio of 0.96 and a beta of 1.16. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the business posted $9.50 earnings per share. The company's quarterly revenue was up 9.7% compared to the same quarter last year. Equities analysts forecast that Ameriprise Financial, Inc. will post 42.69 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, May 4th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's payout ratio is currently 16.91%.

Analysts Set New Price Targets

AMP has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a report on Friday, April 10th. They set a "hold" rating for the company. Piper Sandler boosted their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. BMO Capital Markets upped their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Morgan Stanley raised their target price on Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. 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 given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target 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.

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