Tectonic Advisors LLC Grows Position in Ameriprise Financial, Inc. $AMP

Tectonic Advisors LLC raised its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,590 shares of the financial services provider’s stock after purchasing an additional 208 shares during the period. Tectonic Advisors LLC’s holdings in Ameriprise Financial were worth $1,916,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 83 shares during the period. Spire Wealth Management increased its position in Ameriprise Financial by 91.6% during the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 683 shares in the last quarter. Ascent Group LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth about $371,000. Advisory Alpha LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth about $265,000. Finally, Exchange Traded Concepts LLC boosted its stake in Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after buying an additional 806 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the sale, the chief executive officer directly owned 11,047 shares of the company’s stock, valued at $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Heather J. Melloh sold 1,500 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total value of $768,510.00. Following the sale, the executive vice president owned 2,562 shares in the company, valued at approximately $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AMP shares. BMO Capital Markets initiated coverage on Ameriprise Financial in a research note on Friday, October 3rd. They issued a “market perform” rating and a $525.00 price objective on the stock. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research report on Thursday, July 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ameriprise Financial in a research report on Wednesday. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley dropped their price target on Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $535.14.

Ameriprise Financial Stock Performance

AMP opened at $490.09 on Thursday. The stock has a market cap of $46.20 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.12 and a beta of 1.26. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The business has a 50 day moving average of $501.37 and a 200-day moving average of $502.07.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping analysts’ consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the company earned $8.72 EPS. The company’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial’s payout ratio is currently 19.91%.

About Ameriprise Financial

Ameriprise Financial, Inc, together with 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.