QRG Capital Management Inc. Increases Stock Position in Ameriprise Financial, Inc. $AMP

QRG Capital Management Inc. lifted its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 6.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 25,352 shares of the financial services provider’s stock after acquiring an additional 1,477 shares during the quarter. QRG Capital Management Inc.’s holdings in Ameriprise Financial were worth $13,531,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wealth Preservation Advisors LLC bought a new position in shares of Ameriprise Financial during the 1st quarter worth approximately $29,000. TD Capital Management LLC raised its stake in shares of Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 51 shares in the last quarter. WPG Advisers LLC bought a new position in shares of Ameriprise Financial during the 1st quarter worth approximately $33,000. Opal Wealth Advisors LLC bought a new position in shares of Ameriprise Financial during the 1st quarter worth approximately $36,000. Finally, TCTC Holdings LLC raised its stake in shares of Ameriprise Financial by 100.0% during the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Up 0.2%

NYSE AMP opened at $491.67 on Friday. The company has a market capitalization of $46.35 billion, a PE ratio of 15.30, a P/E/G ratio of 1.11 and a beta of 1.26. The company has a fifty day moving average of $502.93 and a 200 day moving average of $502.12. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $8.72 earnings per share. Research analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share 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 given a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s payout ratio is currently 19.91%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. BMO Capital Markets assumed coverage on shares of Ameriprise Financial in a research note on Friday. They set a “market perform” rating and a $525.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a research note on Wednesday. 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 research note on Friday, July 25th. 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 research note on Wednesday, July 30th. Finally, Piper Sandler upped their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $535.14.

Insiders Place Their Bets

In related news, EVP Heather J. Melloh sold 1,500 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William F. Truscott sold 9,929 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the sale, the chief executive officer directly owned 11,047 shares in the company, valued at $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

About Ameriprise Financial

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.