Summit Financial LLC Raises Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Summit Financial LLC has increased its holdings in Ameriprise Financial, Inc. by 37.7%, owning a total of 6,943 shares valued at approximately $3,361,000 as of its latest SEC filing.
• Ameriprise Financial recently declared a quarterly dividend of $1.60, which annualizes to $6.40, representing a yield of 1.3%.
• Analysts have given Ameriprise Financial a consensus rating of "Hold" with a price target averaging $534.71, with various ratings ranging from Strong Buy to Sell.

Summit Financial LLC boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 37.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 6,943 shares of the financial services provider's stock after buying an additional 1,900 shares during the period. Summit Financial LLC's holdings in Ameriprise Financial were worth $3,361,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of AMP. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial in the 4th quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial in the 4th quarter worth $31,000. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the 1st quarter worth $36,000. Quarry LP increased its stake in Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC increased its stake in Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after buying an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AMP shares. Royal Bank Of Canada increased their price target on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Piper Sandler lifted their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $534.71.

Insider Buying and Selling

In related news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares in the company, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company's stock.

Ameriprise Financial Trading Down 0.1%

AMP opened at $504.7430 on Friday. The firm has a market cap of $47.58 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.08 and a beta of 1.24. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $520.83 and a 200 day moving average of $506.39.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $8.72 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 1.3%. Ameriprise Financial's dividend payout ratio (DPR) is currently 19.91%.

Ameriprise Financial declared that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Company Profile

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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