Principal Financial Group Inc. Acquires 23,618 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Principal Financial Group increased its Ameriprise Financial stake by 10.6% in the second quarter, adding 23,618 shares to own 246,083 shares worth approximately $112.9 million. Institutional investors collectively own 83.95% of Ameriprise.
• Ameriprise insiders sold nearly 30,000 shares worth $16.3 million over the past three months, including a $6.05 million sale by CFO Walter Stanley Berman.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $555.33. The company also beat quarterly earnings estimates, reporting $11.07 EPS and $4.90 billion in revenue, while declaring a $1.70 quarterly dividend.

Principal Financial Group Inc. grew its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 10.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 246,083 shares of the financial services provider's stock after buying an additional 23,618 shares during the quarter. Principal Financial Group Inc. owned 0.27% of Ameriprise Financial worth $112,893,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Institute for Wealth Management LLC. lifted its holdings in shares of Ameriprise Financial by 3.6% in the fourth quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider's stock valued at $297,000 after purchasing an additional 21 shares in the last quarter. PFG Investments LLC raised its position in Ameriprise Financial by 1.4% in the 4th quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock valued at $729,000 after buying an additional 21 shares during the last quarter. EPG Wealth Management LLC lifted its stake in Ameriprise Financial by 0.8% during the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock valued at $1,331,000 after acquiring an additional 21 shares in the last quarter. Essex Financial Services Inc. boosted its holdings in Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock worth $443,000 after acquiring an additional 21 shares during the last quarter. Finally, SouthState Bank Corp boosted its holdings in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after acquiring an additional 22 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president owned 713 shares of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were 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 owned 5,609 shares in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. BMO Capital Markets upped their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Finally, Weiss Ratings raised shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ameriprise Financial has a consensus rating of "Moderate Buy" and an average price target of $555.33.

Ameriprise Financial Stock Down 0.1%

Shares of NYSE:AMP opened at $570.06 on Friday. The company has a market capitalization of $51.25 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. 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 business has a fifty day moving average price of $507.03 and a two-hundred day moving average price of $480.30. 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 (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $9.11 EPS. Analysts forecast that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

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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