Private Advisor Group LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,264 shares of the financial services provider’s stock, valued at approximately $1,613,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its position in shares of Ameriprise Financial by 145.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 81 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 48 shares during the period. OLD Mission Capital LLC bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $25,000. Dark Forest Capital Management LP bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $27,000. Financial Freedom LLC bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $27,000. Finally, U.S. Capital Wealth Advisors LLC bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $31,000. 82.61% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on AMP shares. StockNews.com started coverage on shares of Ameriprise Financial in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $385.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Finally, Morgan Stanley upped their price target on shares of Ameriprise Financial from $350.00 to $360.00 and gave the company an “equal weight” rating in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $358.22.
Insiders Place Their Bets
In other Ameriprise Financial news, CEO James M. Cracchiolo sold 9,616 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total transaction of $3,404,064.00. Following the sale, the chief executive officer now directly owns 157,103 shares in the company, valued at $55,614,462. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO James M. Cracchiolo sold 9,616 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the sale, the chief executive officer now directly owns 157,103 shares in the company, valued at approximately $55,614,462. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 13,042 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the completion of the sale, the chief financial officer now owns 8,048 shares in the company, valued at $2,829,274.40. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
Ameriprise Financial Trading Up 0.3 %
Shares of Ameriprise Financial stock opened at $334.13 on Friday. The company has a market capitalization of $34.29 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.63 and a beta of 1.47. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.43. Ameriprise Financial, Inc. has a 12-month low of $249.35 and a 12-month high of $358.02. The firm’s 50-day moving average price is $338.45 and its two-hundred day moving average price is $321.36.
Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $7.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.29 by $0.15. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Ameriprise Financial had a net margin of 15.94% and a return on equity of 82.23%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $5.81 earnings per share. On average, analysts forecast that Ameriprise Financial, Inc. will post 29.94 earnings per share for the current fiscal year.
Ameriprise Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.62%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, August 4th. Ameriprise Financial’s dividend payout ratio is presently 25.36%.
Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
About Ameriprise Financial
Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.
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