Procyon Advisors LLC Has $1.97 Million Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Procyon Advisors LLC reduced its stake in Ameriprise Financial by 43.7% in Q2, now holding shares worth $1.97 million.
• Ameriprise Financial reported earnings of $9.11 per share in its latest quarter, surpassing estimates, and achieved revenue of $4.49 billion.
• The company has initiated a quarterly dividend of $1.60 per share, yielding approximately 1.3%, with a calculated payout ratio of 19.91%.

Procyon Advisors LLC trimmed its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 43.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,692 shares of the financial services provider's stock after selling 2,866 shares during the period. Procyon Advisors LLC's holdings in Ameriprise Financial were worth $1,970,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AMP. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at approximately $29,000. TD Capital Management LLC boosted its stake in shares of Ameriprise Financial by 566.7% in the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 51 shares in the last quarter. Sunbeam Capital Management LLC acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $31,000. Finally, WPG Advisers LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at approximately $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AMP. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Piper Sandler raised their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Finally, Raymond James Financial lifted their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and a consensus target price of $534.71.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $485.90 on Wednesday. The company has a fifty day moving average of $513.74 and a 200-day moving average of $502.26. The firm has a market capitalization of $45.81 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.04 and a beta of 1.27. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. Ameriprise Financial's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.72 EPS. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's payout ratio is 19.91%.

Insiders Place Their Bets

In other Ameriprise Financial news, EVP Heather J. Melloh sold 1,500 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares in the company, valued at approximately $1,312,615.08. The trade was a 36.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William F. Truscott sold 9,929 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the sale, the chief executive officer owned 11,047 shares of the company's stock, valued at $5,599,613.83. This trade represents a 47.34% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.57% of the company's stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.

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