Quantessence Capital LLC Acquires Shares of 1,362 Ameriprise Financial, Inc. (NYSE:AMP)

Quantessence Capital LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,362 shares of the financial services provider's stock, valued at approximately $725,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TCTC Holdings LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth $26,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial during the 4th quarter worth $28,000. Rialto Wealth Management LLC acquired a new position in Ameriprise Financial during the 4th quarter valued at about $28,000. Wingate Wealth Advisors Inc. purchased a new stake in Ameriprise Financial in the fourth quarter valued at about $30,000. Finally, Sound Income Strategies LLC acquired a new stake in Ameriprise Financial in the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Activity

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares of the company's stock, valued at approximately $3,901,249.59. The trade was a 39.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $5,231,200. This trade represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock worth $6,263,989 in the last ninety days. Company insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

NYSE:AMP traded down $7.80 during trading hours on Friday, reaching $466.28. The company had a trading volume of 528,374 shares, compared to its average volume of 491,183. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The business's 50 day moving average price is $486.86 and its 200-day moving average price is $522.29. The firm has a market cap of $44.68 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.17 by $0.33. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a share buyback program on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be paid a dividend of $1.60 per share. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMP. Morgan Stanley upped their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Piper Sandler upped their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research report on Friday, January 31st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $625.00 price target on shares of Ameriprise Financial in a research report on Monday, February 3rd. UBS Group downgraded Ameriprise Financial from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Finally, Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $517.44.

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.