Vise Technologies Inc. Buys Shares of 11,649 Ameriprise Financial, Inc. $AMP

Key Points

• Vise Technologies acquired 11,649 Ameriprise Financial shares worth approximately $5.34 million in the second quarter. Institutional investors and hedge funds collectively own 83.95% of AMP.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $555.33. Ameriprise recently exceeded quarterly earnings and revenue expectations, reporting $11.07 in EPS and $4.90 billion in revenue.
• Ameriprise shares opened at $547.54 after declining 2.2%, while company insiders sold nearly 30,000 shares worth $16.3 million over the past three months. The company also declared a quarterly dividend of $1.70 per share, equivalent to a 1.2% yield.

Vise Technologies Inc. bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 11,649 shares of the financial services provider's stock, valued at approximately $5,344,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AMP. SouthState Bank Corp lifted its stake in shares of 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 period. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial during the second quarter worth about $28,000. Ares Financial Consulting LLC purchased a new position in Ameriprise Financial in the fourth quarter valued at about $32,000. Finally, Prosperity Bancshares Inc purchased a new position in Ameriprise Financial in the fourth quarter valued at about $33,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AMP shares. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. BMO Capital Markets upped their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Zacks Research raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Jefferies Financial Group lifted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Insider Buying and Selling

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

Ameriprise Financial Stock Down 2.2%

Shares of NYSE AMP opened at $547.54 on Friday. The firm's 50-day moving average is $515.71 and its two-hundred day moving average is $481.47. The company has a market capitalization of $49.22 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same period last year, the company posted $9.11 EPS. The company's revenue was up 11.6% on a year-over-year basis. Equities analysts anticipate that Ameriprise Financial, Inc. will post 46.12 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 3rd will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 3rd. Ameriprise Financial's payout ratio is 16.40%.

Ameriprise Financial Profile

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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