Russell Investments Group Ltd. Acquires 9,859 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Russell Investments raised its stake in Ameriprise by 10.1%, buying 9,859 shares to hold 107,199 shares worth about $52.78 million (roughly 0.12% of the company).
• Other large institutional moves include Norges Bank establishing a new position of about $693.7 million and JPMorgan increasing its holdings to 6.27 million shares worth $3.35 billion, with institutions and hedge funds owning about 83.95% of the stock.
• Ameriprise beat quarterly expectations (EPS $10.83 vs. $10.33) with revenue up 10.2% to $4.92 billion, pays a $1.60 quarterly dividend ($6.40 annually, ~1.4% yield), and carries a consensus analyst rating of "Hold" with a $555.67 price target.

Russell Investments Group Ltd. lifted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 10.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,199 shares of the financial services provider's stock after acquiring an additional 9,859 shares during the period. Russell Investments Group Ltd. owned 0.12% of Ameriprise Financial worth $52,775,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in Ameriprise Financial during the 2nd quarter valued at approximately $693,736,000. JPMorgan Chase & Co. raised its holdings in shares of Ameriprise Financial by 7.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider's stock worth $3,347,019,000 after acquiring an additional 446,080 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Ameriprise Financial by 29.3% during the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock worth $474,628,000 after acquiring an additional 219,080 shares in the last quarter. Close Asset Management Ltd boosted its position in shares of Ameriprise Financial by 78.2% during the 3rd quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider's stock valued at $227,652,000 after acquiring an additional 203,252 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Ameriprise Financial by 29.8% in the second quarter. Hsbc Holdings PLC now owns 491,058 shares of the financial services provider's stock valued at $262,075,000 after purchasing an additional 112,784 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

NYSE AMP opened at $455.49 on Wednesday. The business's 50 day moving average price is $494.44 and its 200-day moving average price is $486.23. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $550.18. The company has a market cap of $41.53 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.08 and a beta of 1.27. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.68 and a current ratio of 0.68.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The company had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.75 billion. During the same period last year, the company earned $9.54 earnings per share. Ameriprise Financial's revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Monday, February 9th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, February 9th. Ameriprise Financial's dividend payout ratio is 17.60%.

Insiders Place Their Bets

In other news, CEO William F. Truscott sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total value of $2,660,400.00. Following the sale, the chief executive officer directly owned 12,149 shares in the company, valued at approximately $6,464,239.92. This represents a 29.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Gumer Alvero sold 4,658 shares of the firm's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $542.88, for a total value of $2,528,735.04. Following the sale, the insider directly owned 4,621 shares of the company's stock, valued at $2,508,648.48. This represents a 50.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,658 shares of company stock valued at $8,998,675 over the last 90 days. Insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler upgraded shares of Ameriprise Financial from an "underweight" rating to a "neutral" rating and boosted their price target for the stock from $434.00 to $530.00 in a research report on Friday, January 30th. Royal Bank Of Canada reiterated an "outperform" rating and set a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Raymond James Financial set a $582.00 price objective on shares of Ameriprise Financial and gave the stock a "strong-buy" rating in a research note on Wednesday, February 11th. BMO Capital Markets restated a "market perform" rating on shares of Ameriprise Financial in a report on Tuesday, March 3rd. Finally, Argus decreased their target price on shares of Ameriprise Financial from $568.00 to $554.00 and set a "buy" rating on the stock in a research report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial currently has an average rating of "Hold" and a consensus price target of $555.67.

Ameriprise Financial 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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