Texas Capital Bank Wealth Management Services Inc Purchases Shares of 555 Ameriprise Financial, Inc. $AMP

Key Points

• Texas Capital Bank Wealth Management Services Inc has acquired a new stake in Ameriprise Financial, purchasing 555 shares valued at approximately $269,000.
• A significant number of institutional investors, including GAMMA Investing LLC and JPMorgan Chase & Co., have dramatically increased their stakes in Ameriprise Financial during the first quarter, contributing to a total of 83.95% of the stock being owned by institutional investors.
• Despite a recent analyst rating downgrading from Morgan Stanley, Ameriprise Financial reported a quarterly EPS of $9.11, exceeding expectations, with plans for a $4.50 billion share repurchase program indicating confidence in its valuations.

Texas Capital Bank Wealth Management Services Inc bought a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 555 shares of the financial services provider's stock, valued at approximately $269,000.

Several other institutional investors have also recently bought and sold shares of AMP. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 49,248.9% in the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after acquiring an additional 2,109,824 shares during the period. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 21.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock worth $2,819,900,000 after acquiring an additional 1,023,002 shares during the period. Nuveen LLC bought a new position in Ameriprise Financial in the 1st quarter worth $469,334,000. Goldman Sachs Group Inc. increased its holdings in shares of Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock worth $578,852,000 after purchasing an additional 266,631 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares during the period. Institutional investors own 83.95% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Raymond James Financial boosted their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Morgan Stanley downgraded shares of 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 report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $534.71.

Insiders Place Their Bets

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer directly owned 11,047 shares in the company, valued at $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Price Performance

NYSE AMP traded up $10.6240 on Friday, reaching $515.8540. The company's stock had a trading volume of 441,906 shares, compared to its average volume of 411,409. The firm has a market cap of $48.63 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.10 and a beta of 1.24. The business has a 50-day moving average price of $521.12 and a 200 day moving average price of $506.04. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week 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.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results 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 business had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.72 earnings per share. Sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial's payout ratio is presently 19.91%.

Ameriprise Financial 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.