Punch & Associates Investment Management Inc. Purchases Shares of 2,507 Ameriprise Financial, Inc. $AMP

Key Points

• Punch & Associates acquired 2,507 shares of Ameriprise Financial in the second quarter, valued at approximately $1.15 million. Institutional investors collectively own 83.95% of the company.
• Ameriprise insiders sold nearly 30,000 shares worth approximately $16.3 million over the past quarter, including substantial sales by the CFO and an executive vice president.
• The company exceeded quarterly earnings and revenue expectations, reporting $11.07 in EPS and $4.90 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $555.33, while Ameriprise continues to pay a quarterly dividend of $1.70 per share.

Punch & Associates Investment Management Inc. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,507 shares of the financial services provider's stock, valued at approximately $1,150,000.

Other large investors also recently modified their holdings of the company. SouthState Bank Corp raised its position in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after buying an additional 22 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter worth $28,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial in the 2nd quarter worth $28,000. Fiduciary Financial Advisors purchased a new stake in shares of Ameriprise Financial in the second quarter valued at about $30,000. Finally, Ares Financial Consulting LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $32,000. Institutional investors own 83.95% of the company's stock.

Insider Activity at Ameriprise Financial

In other news, CFO Walter Stanley Berman sold 11,012 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock valued at $16,316,497 over the last quarter. 0.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AMP has been the topic of several analyst reports. Piper Sandler boosted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Jefferies Financial Group boosted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Two research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $555.33.

Ameriprise Financial Trading Up 0.1%

NYSE AMP opened at $561.04 on Thursday. The business's fifty day moving average is $523.27 and its 200-day moving average is $482.17. 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 stock has a market capitalization of $50.44 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.75 and a beta of 1.14. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating 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 company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $9.11 earnings per share. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is currently 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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