State of Alaska Department of Revenue Decreases Stake in Ameriprise Financial, Inc. $AMP

Key Points

• The State of Alaska Department of Revenue has decreased its holdings in Ameriprise Financial by 1.7%, owning 33,664 shares after selling 570 shares, valued at approximately $17.97 million.
• CEO William F. Truscott sold 9,929 shares of Ameriprise stock, marking a 47.34% decrease in his position, while the company also announced a quarterly dividend of $1.60 per share.
• Ameriprise Financial reported a net margin of 18.30% and a return on equity of 65.90% for the last quarter, with earnings per share of $9.11, surpassing estimates.

State of Alaska Department of Revenue reduced its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,664 shares of the financial services provider's stock after selling 570 shares during the quarter. State of Alaska Department of Revenue's holdings in Ameriprise Financial were worth $17,966,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Plancorp LLC lifted its stake in Ameriprise Financial by 4.8% during the first quarter. Plancorp LLC now owns 441 shares of the financial services provider's stock worth $213,000 after purchasing an additional 20 shares during the last quarter. Old Port Advisors lifted its stake in Ameriprise Financial by 1.5% in the second quarter. Old Port Advisors now owns 1,381 shares of the financial services provider's stock worth $737,000 after acquiring an additional 20 shares during the period. Pinnacle Associates Ltd. raised its stake in Ameriprise Financial by 1.6% in the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock worth $665,000 after buying an additional 21 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Ameriprise Financial by 3.0% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after buying an additional 21 shares in the last quarter. Finally, Argent Trust Co grew its stake in shares of Ameriprise Financial by 1.3% in the first quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock worth $822,000 after acquiring an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, August 19th. The shares were 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 in the company, valued at approximately $5,599,613.83. The trade was a 47.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares in the company, valued at $1,312,615.08. The trade was a 36.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

AMP opened at $499.09 on Friday. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The firm's 50-day moving average price is $506.68 and its 200-day moving average price is $501.83. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. The company has a market cap of $47.05 billion, a P/E ratio of 15.53, a price-to-earnings-growth ratio of 1.05 and a beta of 1.27.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $8.72 earnings per share. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their price objective for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Finally, Raymond James Financial raised their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $544.50.

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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