Spartan Wealth Advisory Services LLC Makes New $2.09 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Spartan Wealth Advisory Services LLC opened a new position in Ameriprise Financial in the first quarter, buying 4,701 shares valued at about $2.09 million.
• Several Ameriprise insiders recently sold shares, including Director Robert Francis Sharpe, Jr. and EVP Gerard P. Smyth, while institutional investors own 83.95% of the company.
• Ameriprise reported Q1 EPS of $11.26, topping expectations, and recently raised its quarterly dividend to $1.70 per share from $1.60. Analysts currently have a Hold consensus rating with an average target price of $553.67.

Spartan Wealth Advisory Services LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,701 shares of the financial services provider's stock, valued at approximately $2,089,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SouthState Bank Corp raised its position in 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 purchasing an additional 22 shares during the last quarter. Holos Integrated Wealth LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $30,000. Ares Financial Consulting LLC bought a new position in Ameriprise Financial in the 4th quarter valued at approximately $32,000. Prosperity Bancshares Inc bought a new position in Ameriprise Financial in the 4th quarter valued at approximately $33,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Ameriprise Financial during the 1st quarter worth approximately $34,000. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the sale, the director owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $527.91 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average price of $470.45 and a two-hundred day moving average price of $473.87. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a market cap of $47.46 billion, a P/E ratio of 13.13, a PEG ratio of 0.94 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the business earned $9.50 EPS. The firm's revenue was up 9.7% compared to the same quarter last year. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 43.74 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial's payout ratio is 16.91%.

Wall Street Analysts Forecast Growth

AMP has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a report on Friday, April 10th. They set a "hold" rating on the stock. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Hold" and an average target price of $553.67.

About Ameriprise Financial

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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