Paralel Advisors LLC Acquires Shares of 5,204 Ameriprise Financial, Inc. $AMP

Key Points

• Paralel Advisors acquired 5,204 Ameriprise Financial shares worth approximately $2.39 million in the second quarter. Institutional investors collectively own 83.95% of AMP, with several major firms increasing or initiating positions.
• Analysts maintain a generally positive view, with Ameriprise receiving a consensus “Moderate Buy” rating and an average price target of $555.33. The company also exceeded quarterly earnings and revenue expectations, reporting $11.07 EPS and $4.90 billion in revenue.
• Ameriprise announced a quarterly dividend of $1.70 per share, equivalent to $6.80 annually and a 1.2% yield. Meanwhile, insiders sold nearly 30,000 shares worth approximately $16.3 million over the past quarter.

Paralel Advisors LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,204 shares of the financial services provider's stock, valued at approximately $2,387,000.

Several other institutional investors have also modified their holdings of AMP. Norges Bank purchased a new position in Ameriprise Financial in the fourth quarter valued at $742,438,000. AQR Capital Management LLC lifted its holdings in Ameriprise Financial by 84.2% during the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock worth $532,455,000 after buying an additional 496,319 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ameriprise Financial by 85.5% during the 4th quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider's stock worth $406,216,000 after acquiring an additional 381,754 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of Ameriprise Financial by 140.5% during the 3rd 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 in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Ameriprise Financial in the 4th quarter valued at about $119,627,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Walter Stanley Berman sold 11,012 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the sale, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Morgan Stanley increased their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. BMO Capital Markets boosted their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Stock Down 2.2%

Shares of NYSE:AMP opened at $547.54 on Friday. The stock has a market cap of $49.22 billion, a P/E ratio of 13.21, a P/E/G ratio of 0.75 and a beta of 1.14. The firm has a fifty day moving average price of $515.71 and a 200 day moving average price of $481.47. 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 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the firm earned $9.11 earnings per share. The business's quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts predict that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 3rd. Ameriprise Financial's dividend payout ratio (DPR) is 16.40%.

About Ameriprise Financial

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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