Martingale Asset Management L P Increases Stock Position in Ameriprise Financial, Inc. $AMP

Martingale Asset Management L P grew its position in Ameriprise Financial, Inc. (NYSE:AMP) by 70.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,484 shares of the financial services provider’s stock after purchasing an additional 18,764 shares during the period. Martingale Asset Management L P’s holdings in Ameriprise Financial were worth $22,303,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. SouthState Bank Corp increased its holdings in Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after buying an additional 22 shares during the last quarter. Holos Integrated Wealth LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $30,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the third quarter worth about $32,000. Ares Financial Consulting LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $32,000. Finally, WFA of San Diego LLC purchased a new stake in Ameriprise Financial during the second quarter worth about $36,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm’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 value of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the firm’s 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 completion of the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on AMP shares. Keefe, Bruyette & Woods started coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They set a “hold” rating for the company. BMO Capital Markets raised their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Piper Sandler raised their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Weiss Ratings downgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, May 27th. Finally, Morgan Stanley raised their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $543.22.

Ameriprise Financial Price Performance

AMP stock opened at $458.54 on Friday. The firm has a 50 day moving average of $457.02 and a 200-day moving average of $472.73. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18. The firm has a market capitalization of $41.22 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 0.95 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the business earned $9.50 earnings per share. Ameriprise Financial’s revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 42.63 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, May 22nd. Stockholders of record on Monday, May 4th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. Ameriprise Financial’s dividend payout ratio (DPR) is 16.91%.

About Ameriprise Financial

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.