Bridgefront Capital LLC Takes $788,000 Position in Ameriprise Financial, Inc. $AMP

Bridgefront Capital LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,605 shares of the financial services provider’s stock, valued at approximately $788,000.

Other hedge funds have also recently bought and sold shares of the company. California Public Employees Retirement System increased its stake in shares of Ameriprise Financial by 1.4% in the third quarter. California Public Employees Retirement System now owns 180,318 shares of the financial services provider’s stock valued at $88,581,000 after purchasing an additional 2,528 shares during the period. Chilton Investment Co. Inc. boosted its position in shares of Ameriprise Financial by 26.1% during the third quarter. Chilton Investment Co. Inc. now owns 3,840 shares of the financial services provider’s stock worth $1,886,000 after buying an additional 796 shares during the period. Bank of Nova Scotia grew its holdings in Ameriprise Financial by 141.9% in the 3rd quarter. Bank of Nova Scotia now owns 26,171 shares of the financial services provider’s stock worth $12,856,000 after buying an additional 15,350 shares in the last quarter. Boothbay Fund Management LLC bought a new position in Ameriprise Financial in the 3rd quarter worth approximately $232,000. Finally, Aquatic Capital Management LLC increased its position in Ameriprise Financial by 777.8% in the 3rd quarter. Aquatic Capital Management LLC now owns 13,325 shares of the financial services provider’s stock valued at $6,546,000 after acquiring an additional 11,807 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Gumer Alvero sold 4,658 shares of Ameriprise Financial stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the transaction, the insider directly owned 4,621 shares of the company’s stock, valued at $2,508,648.48. The trade was a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 7,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $544.22, for a total transaction of $3,809,540.00. Following the completion of the sale, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,052,529.98. This trade represents a 55.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,658 shares of company stock valued at $8,998,675 over the last three months. Company insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler raised Ameriprise Financial from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $434.00 to $530.00 in a research note on Friday, January 30th. Jefferies Financial Group increased their price target on Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the company a “strong-buy” rating in a report on Wednesday, February 11th. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $484.00 to $485.00 and gave the company an “underweight” rating in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Hold” and an average price target of $555.67.

Ameriprise Financial Stock Performance

AMP opened at $442.03 on Monday. The business has a 50 day moving average price of $491.57 and a two-hundred day moving average price of $484.72. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $40.30 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.03 and a beta of 1.27. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $550.18.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.75 billion. During the same period last year, the firm earned $9.54 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Monday, February 9th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $6.40 annualized dividend and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 17.60%.

Ameriprise Financial 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.