Parrish Capital LLC Makes New $11.33 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Parrish Capital LLC acquired 23,007 Ameriprise Financial shares worth approximately $11.33 million, making AMP its second-largest holding at 8.7% of the portfolio. Institutional investors collectively own 83.95% of the company.
• Analysts maintain a mixed outlook, with a consensus “Hold” rating and an average price target of $555.33. Targets from several firms were raised, while Zacks downgraded the stock to “Hold.”
• Ameriprise reported quarterly earnings and revenue above expectations and authorized a $5.5 billion share repurchase plan, covering up to 12.3% of outstanding shares; insiders have sold nearly $16.3 million of stock over the past 90 days.

Parrish Capital LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 23,007 shares of the financial services provider's stock, valued at approximately $11,327,000. Ameriprise Financial accounts for 8.7% of Parrish Capital LLC's portfolio, making the stock its 2nd largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SouthState Bank Corp boosted its stake in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after purchasing an additional 22 shares during the period. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial in the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ameriprise Financial during the first quarter valued at about $28,000. Finally, Fiduciary Financial Advisors bought a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $30,000. Institutional investors own 83.95% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AMP shares. Weiss Ratings upgraded shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Piper Sandler upped their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $555.33.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the 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 of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction 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 transaction, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded up $3.97 during trading on Thursday, hitting $496.32. The company's stock had a trading volume of 173,894 shares, compared to its average volume of 645,648. The company has a 50-day moving average of $545.45 and a 200-day moving average of $493.05. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $44.62 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 0.89 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same quarter last year, the business posted $9.11 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial's dividend payout ratio is 16.40%.

Ameriprise Financial announced that its board has approved a share buyback plan on Tuesday, September 29th that allows the company to buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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