Van ECK Associates Corp Boosts Stock Position in Ameriprise Financial, Inc. $AMP

Van ECK Associates Corp lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 6.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 27,501 shares of the financial services provider’s stock after purchasing an additional 1,567 shares during the period. Van ECK Associates Corp’s holdings in Ameriprise Financial were worth $12,616,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AMP. SouthState Bank Corp grew its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares in the last quarter. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Ameriprise Financial during the 2nd quarter valued at about $28,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter valued at about $28,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Ameriprise Financial in the second quarter valued at about $30,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Jefferies Financial Group upped their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $555.33.

Insider Transactions at Ameriprise Financial

In other news, CFO Walter Stanley Berman sold 11,012 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, 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 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 valued at $16,316,497. Insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Down 0.9%

Shares of AMP stock opened at $554.01 on Tuesday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The firm has a market cap of $49.81 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. The company has a 50-day moving average of $528.53 and a two-hundred day moving average of $482.75. 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 posted 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 firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter last year, the company posted $9.11 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current 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 dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is 16.40%.

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.