Engineers Gate Manager LP Has $6.56 Million Position in Ameriprise Financial, Inc. $AMP

Engineers Gate Manager LP lessened its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 16.6% during the second quarter, Holdings Channel reports. The fund owned 14,290 shares of the financial services provider’s stock after selling 2,844 shares during the period. Engineers Gate Manager LP’s holdings in Ameriprise Financial were worth $6,556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Cidel Asset Management Inc. boosted its position in Ameriprise Financial by 12.1% during the second quarter. Cidel Asset Management Inc. now owns 731 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 79 shares during the period. Concorde Asset Management LLC acquired a new position in shares of Ameriprise Financial in the second quarter valued at $202,000. NorthRock Partners LLC raised its position in shares of Ameriprise Financial by 4.9% in the second quarter. NorthRock Partners LLC now owns 15,599 shares of the financial services provider’s stock valued at $7,156,000 after purchasing an additional 728 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of Ameriprise Financial by 5.6% in the second quarter. Integrated Wealth Concepts LLC now owns 6,522 shares of the financial services provider’s stock valued at $2,992,000 after purchasing an additional 343 shares during the period. Finally, IFP Advisors Inc lifted its stake in shares of Ameriprise Financial by 18.1% during the 2nd quarter. IFP Advisors Inc now owns 1,227 shares of the financial services provider’s stock worth $563,000 after buying an additional 188 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

NYSE:AMP opened at $557.22 on Friday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The firm has a market cap of $50.09 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 0.99 and a beta of 1.14. The firm’s 50-day simple moving average is $544.61 and its 200 day simple moving average is $487.82. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.11 EPS. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s payout ratio is presently 16.40%.

Insider Buying and Selling

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on AMP. Jefferies Financial Group lifted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods boosted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Piper Sandler boosted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Finally, Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Two 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Profile

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.