NewEdge Wealth LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 2,600 shares of the financial services provider’s stock, valued at approximately $1,193,000.
A number of other large investors have also made changes to their positions in the stock. State Street Corp increased its stake in Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock valued at $2,171,360,000 after acquiring an additional 18,879 shares during the period. Norges Bank acquired a new position in Ameriprise Financial in the 4th quarter valued at approximately $742,438,000. Boston Partners lifted its position in shares of Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock worth $586,083,000 after acquiring an additional 13,172 shares during the period. AQR Capital Management LLC lifted its position in shares of Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after acquiring an additional 496,319 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after purchasing an additional 19,731 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.
Wall Street Analysts Forecast Growth
AMP has been the topic of a number of research reports. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Jefferies Financial Group increased their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Piper Sandler raised their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $555.33.
Ameriprise Financial Trading Up 1.7%
Shares of AMP opened at $556.56 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $50.03 billion, a PE ratio of 13.42, a PEG ratio of 0.74 and a beta of 1.14. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The stock has a 50 day simple moving average of $517.67 and a 200-day simple moving average of $482.00.
Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the firm earned $9.11 EPS. Ameriprise Financial’s quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.12 EPS for the current fiscal year.
Ameriprise Financial Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.
Insider Activity
In related news, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company’s stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last 90 days. 0.60% of the stock is currently owned by company insiders.
Ameriprise Financial Company 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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