Illinois Municipal Retirement Fund Raises Stock Position in Ameriprise Financial, Inc. $AMP

Illinois Municipal Retirement Fund grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 5.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,474 shares of the financial services provider’s stock after acquiring an additional 979 shares during the period. Illinois Municipal Retirement Fund’s holdings in Ameriprise Financial were worth $7,765,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AMP. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Ameriprise Financial by 9.7% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,431 shares of the financial services provider’s stock worth $9,075,000 after purchasing an additional 1,800 shares during the period. SouthState Bank Corp lifted its holdings in shares of Ameriprise Financial by 110.0% in the 1st quarter. SouthState Bank Corp now owns 105 shares of the financial services provider’s stock worth $47,000 after buying an additional 55 shares during the period. Checchi Capital Advisers LLC grew its position in shares of Ameriprise Financial by 11.8% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,087 shares of the financial services provider’s stock worth $483,000 after buying an additional 115 shares in the last quarter. Hillsdale Investment Management Inc. grew its position in shares of Ameriprise Financial by 16.2% during the 1st quarter. Hillsdale Investment Management Inc. now owns 2,440 shares of the financial services provider’s stock worth $1,084,000 after buying an additional 340 shares in the last quarter. Finally, ABC Arbitrage SA bought a new position in shares of Ameriprise Financial during the 1st quarter worth $204,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on AMP shares. Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They set a “hold” rating on the stock. Jefferies Financial Group raised their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Finally, Weiss Ratings cut shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $553.67.

Ameriprise Financial Trading Down 1.0%

AMP opened at $527.91 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The firm has a market cap of $47.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.95 and a beta of 1.16. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18. The stock has a fifty day moving average price of $470.45 and a 200-day moving average price of $473.87.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the company earned $9.50 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 43.74 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were issued a $1.70 dividend. The ex-dividend date was Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio (DPR) is 16.91%.

Insider Transactions at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s 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 transaction, the director owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Company 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.