QRG Capital Management Inc. Buys 1,477 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• QRG Capital Management Inc. increased its stake in Ameriprise Financial by 6.2% during the second quarter, now owning 25,352 shares worth approximately $13.5 million after acquiring an additional 1,477 shares.
• Insider trading reports reveal that CEO William F. Truscott and EVP Heather J. Melloh sold a combined total of nearly $5.8 million in shares, reflecting significant reductions in their ownership stakes.
• Ameriprise Financial has garnered mixed ratings from analysts, with the consensus rating being a "Hold" and an average price target of $535.14 following several recent downgrades.

QRG Capital Management Inc. raised its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 6.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,352 shares of the financial services provider's stock after acquiring an additional 1,477 shares during the period. QRG Capital Management Inc.'s holdings in Ameriprise Financial were worth $13,531,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter worth about $29,000. TD Capital Management LLC increased its holdings 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 worth $29,000 after buying an additional 51 shares during the last quarter. WPG Advisers LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter worth about $33,000. Opal Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter worth about $36,000. Finally, TCTC Holdings LLC increased its holdings in shares of Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after buying an additional 49 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Heather J. Melloh sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total value of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares of the company's stock, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William F. Truscott sold 9,929 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the sale, the chief executive officer directly owned 11,047 shares of the company's stock, valued at $5,599,613.83. The trade was a 47.34% decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMP. William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Morgan Stanley dropped their price target on shares of Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating for the company in a research note on Wednesday. Piper Sandler lifted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. BMO Capital Markets started coverage on shares of Ameriprise Financial in a research note on Friday. They set a "market perform" rating and a $525.00 price target for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ameriprise Financial in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of "Hold" and an average target price of $535.14.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $491.67 on Friday. The stock has a market cap of $46.35 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.11 and a beta of 1.26. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The firm has a 50-day moving average of $502.93 and a two-hundred day moving average of $502.12.

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 (EPS) 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 analysts' expectations of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $8.72 EPS. On average, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

About Ameriprise Financial

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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