Equitable Holdings Inc. Takes $423,000 Position in Ameriprise Financial, Inc. $AMP

Equitable Holdings Inc. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the 2nd quarter, Holdings Channel reports. The firm acquired 922 shares of the financial services provider’s stock, valued at approximately $423,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Centaurus Financial Inc. bought a new stake in Ameriprise Financial during the second quarter valued at approximately $117,000. Coastal Bridge Advisors LLC bought a new position in Ameriprise Financial in the second quarter worth approximately $927,000. Jefferies Financial Group Inc. purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth $522,000. Public Employees Retirement System of Ohio purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth $321,000. Finally, Redwood Investment Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth $1,182,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $559.79 on Monday. The company has a market capitalization of $50.33 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.75 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 firm’s 50 day simple moving average is $526.87 and its two-hundred day simple moving average is $482.40. 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) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $9.11 earnings per share. Research analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio is currently 16.40%.

Insiders Place Their Bets

In other news, insider William Jerryl Williams sold 8,210 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares of the company’s stock, valued at approximately $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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Jefferies Financial Group lifted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Morgan Stanley boosted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Finally, Piper Sandler upped their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of “Moderate Buy” and an average target price of $555.33.

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.