NewEdge Wealth LLC Sells 2,442 Shares of Ameriprise Financial, Inc. $AMP

NewEdge Wealth LLC decreased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 51.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,325 shares of the financial services provider’s stock after selling 2,442 shares during the quarter. NewEdge Wealth LLC’s holdings in Ameriprise Financial were worth $1,033,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Ameriprise Financial by 6.9% during the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 50 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Ameriprise Financial by 11.8% during the first quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider’s stock worth $2,915,000 after purchasing an additional 634 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Ameriprise Financial by 14.1% during the second quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 72 shares during the period. Schnieders Capital Management LLC. bought a new stake in Ameriprise Financial in the second quarter valued at about $313,000. Finally, Gabelli Funds LLC lifted its stake in Ameriprise Financial by 224.8% in the second quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider’s stock valued at $2,253,000 after buying an additional 2,922 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AMP. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Piper Sandler upped their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. BMO Capital Markets increased their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Weiss Ratings raised shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.33.

Insider Activity at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the sale, the executive vice president directly owned 6,103 shares in the company, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the sale, the director owned 6,300 shares in the company, valued at $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Up 1.5%

Shares of NYSE:AMP opened at $537.01 on Tuesday. The company’s fifty day simple moving average is $477.51 and its 200 day simple moving average is $474.98. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18. The firm has a market cap of $48.28 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 0.94 and a beta of 1.16. The company has a quick ratio of 0.66, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $9.11 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 43.92 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is presently 16.40%.

About Ameriprise Financial

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.