VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 2,500 Ameriprise Financial, Inc. $AMP

Key Points

• Virginia Retirement Systems purchased 2,500 shares of Ameriprise Financial worth approximately $1.15 million in the second quarter. Institutional investors and hedge funds collectively own 83.95% of AMP shares.
• 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.
• The company pays a quarterly dividend of $1.70, equivalent to an annualized $6.80 dividend and a 1.2% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $555.33.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,500 shares of the financial services provider's stock, valued at approximately $1,147,000.

Other institutional investors have also made changes to their positions in the company. SouthState Bank Corp raised its stake in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 22 shares during the period. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial in the 2nd quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Ameriprise Financial in the 1st quarter valued at approximately $28,000. Finally, Fiduciary Financial Advisors purchased a new stake in Ameriprise Financial in the second quarter valued at approximately $30,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Up 0.7%

Ameriprise Financial stock opened at $557.22 on Friday. The firm has a market capitalization of $50.09 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.00 and a beta of 1.14. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The stock's fifty day simple moving average is $544.61 and its 200-day simple moving average is $487.82.

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

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial's dividend payout ratio (DPR) is currently 16.40%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AMP shares. Jefferies Financial Group upped 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. Zacks Research upgraded Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Morgan Stanley raised their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Insider Buying and Selling

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This trade represents a 39.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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