State Street Corp Raises Holdings in Ameriprise Financial, Inc. $AMP

State Street Corp grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 1,279.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,365,362 shares of the financial services provider’s stock after acquiring an additional 58,772,775 shares during the quarter. Ameriprise Financial comprises approximately 0.6% of State Street Corp’s investment portfolio, making the stock its 27th largest holding. State Street Corp owned about 70.48% of Ameriprise Financial worth $29,069,493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMP. Norges Bank purchased a new stake in Ameriprise Financial during the 4th quarter worth approximately $742,438,000. Bank of America Corp DE purchased a new position in shares of Ameriprise Financial in the second quarter worth $320,948,000. Legal & General Group Plc acquired a new stake in shares of Ameriprise Financial during the second quarter worth $262,687,000. Hsbc Holdings PLC purchased a new stake in shares of Ameriprise Financial during the second quarter valued at $248,547,000. Finally, Man Group plc acquired a new position in shares of Ameriprise Financial in the 2nd quarter valued at $228,311,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on AMP shares. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $555.33.

Insider Activity at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of the company’s 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 transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Berman sold 11,012 shares of the firm’s 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 completion of the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock traded down $24.64 on Tuesday, reaching $511.08. The company’s stock had a trading volume of 527,827 shares, compared to its average volume of 641,899. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $45.95 billion, a P/E ratio of 12.34, a PEG ratio of 0.98 and a beta of 1.14. The stock has a 50-day moving average price of $549.69 and a 200-day moving average price of $491.19. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for 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 firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $9.11 EPS. Analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current 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. This represents a $6.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.