Old Port Advisors Increases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Old Port Advisors raised its holdings in Ameriprise Financial, Inc. (NYSE:AMPGet Rating) by 8.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,570 shares of the financial services provider’s stock after buying an additional 120 shares during the quarter. Old Port Advisors’ holdings in Ameriprise Financial were worth $467,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AMP. Mascoma Wealth Management LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter worth approximately $29,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Ameriprise Financial in the 4th quarter worth approximately $32,000. Equitec Proprietary Markets LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter worth approximately $33,000. Confluence Wealth Services Inc. bought a new stake in shares of Ameriprise Financial in the 4th quarter worth approximately $39,000. Finally, KRS Capital Management LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 82.69% of the company’s stock.

In other news, insider Gumer Alvero sold 2,044 shares of the stock in a transaction dated Friday, March 25th. The stock was sold at an average price of $314.30, for a total value of $642,429.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO James M. Cracchiolo sold 56,622 shares of the stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $314.16, for a total value of $17,788,367.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,377 shares of company stock worth $21,148,716. 1.00% of the stock is owned by company insiders.

Several equities research analysts recently weighed in on the company. StockNews.com assumed coverage on Ameriprise Financial in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Piper Sandler dropped their price target on Ameriprise Financial from $275.00 to $253.00 and set an “underweight” rating on the stock in a research report on Thursday, June 16th. William Blair reissued an “outperform” rating on shares of Ameriprise Financial in a report on Tuesday, April 26th. Morgan Stanley dropped their target price on Ameriprise Financial from $335.00 to $330.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 26th. Finally, UBS Group reduced their price objective on Ameriprise Financial from $360.00 to $350.00 and set a “buy” rating for the company in a research report on Tuesday, April 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $339.56.

Shares of Ameriprise Financial stock opened at $241.11 on Thursday. The business’s fifty day simple moving average is $266.31 and its 200-day simple moving average is $288.98. Ameriprise Financial, Inc. has a 52 week low of $233.16 and a 52 week high of $332.37. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.90. The firm has a market cap of $26.50 billion, a PE ratio of 9.26 and a beta of 1.49.

Ameriprise Financial (NYSE:AMPGet Rating) last issued its quarterly earnings results on Monday, April 25th. The financial services provider reported $5.98 earnings per share for the quarter, topping the consensus estimate of $5.93 by $0.05. Ameriprise Financial had a return on equity of 50.02% and a net margin of 22.45%. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the business earned $5.43 EPS. Ameriprise Financial’s revenue was up 9.1% on a year-over-year basis. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 25.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 20th. Shareholders of record on Monday, May 9th were issued a dividend of $1.25 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.13. The ex-dividend date of this dividend was Friday, May 6th. This represents a $5.00 annualized dividend and a yield of 2.07%. Ameriprise Financial’s dividend payout ratio is 19.20%.

About Ameriprise Financial (Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Ameriprise Financial (NYSE:AMP)

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