QRG Capital Management Inc. Buys 165,269 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• QRG Capital Management increased its Ameriprise Financial stake by 2,253.5% in the second quarter, purchasing 165,269 additional shares. The firm now owns 172,603 shares valued at approximately $79.2 million.
• Ameriprise reported quarterly earnings of $11.07 per share, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also paid a quarterly dividend of $1.70 per share, representing a 1.4% yield.
• AMP shares fell 1.8% to $502.90, while analyst sentiment remained mixed with an overall “Hold” rating and an average price target of $555.33. Insiders sold nearly 30,000 shares worth $16.3 million over the previous three months.

QRG Capital Management Inc. boosted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2,253.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 172,603 shares of the financial services provider's stock after buying an additional 165,269 shares during the quarter. QRG Capital Management Inc. owned approximately 0.19% of Ameriprise Financial worth $79,183,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AMP. SouthState Bank Corp increased its stake in shares of Ameriprise Financial by 78.6% in the fourth 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 period. Twin Lakes Capital Management LLC bought a new stake in Ameriprise Financial in the second quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial in the second quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Ameriprise Financial during the 1st quarter valued at approximately $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in Ameriprise Financial during the 2nd quarter valued at approximately $30,000. Institutional investors own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last three months. Insiders own 0.60% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AMP shares. 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 research report on Monday, July 13th. Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday. 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 upped their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Morgan Stanley increased their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average price target of $555.33.

Ameriprise Financial Stock Down 1.8%

NYSE:AMP traded down $9.47 during trading hours on Wednesday, reaching $502.90. The company had a trading volume of 728,057 shares, compared to its average volume of 645,344. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The firm has a market cap of $45.21 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.96 and a beta of 1.14. The business's 50-day simple moving average is $549.54 and its two-hundred day simple moving average is $491.49.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $9.11 earnings per share. On average, equities 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 declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is 16.40%.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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