Sanctuary Advisors LLC Purchases New Position in Ameriprise Financial, Inc. $AMP

Key Points

• Sanctuary Advisors acquired 10,955 shares of Ameriprise Financial in the second quarter, worth approximately $5.03 million. Institutional investors and hedge funds collectively own 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• Analysts give the stock a consensus “Moderate Buy” rating with a $555.33 price target, while insiders sold nearly 30,000 shares valued at approximately $16.3 million over the past 90 days.

Sanctuary Advisors LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,955 shares of the financial services provider's stock, valued at approximately $5,026,000.

Several other large investors have also made changes to their positions in AMP. SouthState Bank Corp lifted its holdings in Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 22 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Ameriprise Financial during the first quarter worth about $28,000. Ares Financial Consulting LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth about $32,000. Finally, Prosperity Bancshares Inc acquired a new position in shares of Ameriprise Financial during the 4th quarter worth about $33,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 11,012 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% 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 in the last 90 days. Corporate insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMP. Jefferies Financial Group lifted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Weiss Ratings raised shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Piper Sandler raised their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Finally, Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $561.00 on Tuesday. The firm has a market cap of $50.43 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.74 and a beta of 1.14. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The business's fifty day simple moving average is $519.69 and its 200-day simple moving average is $481.87.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the business earned $9.11 earnings per share. Equities analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is presently 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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