Mengis Capital Management Inc. Acquires New Shares in Ameriprise Financial, Inc. $AMP

Mengis Capital Management Inc. purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 400 shares of the financial services provider’s stock, valued at approximately $213,000.

Other hedge funds have also recently made changes to their positions in the company. TD Capital Management LLC grew its position in shares of Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 51 shares in the last quarter. Wealth Preservation Advisors LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter valued at $29,000. WPG Advisers LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter valued at $33,000. Opal Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter valued at $36,000. Finally, Hager Investment Management Services LLC grew its position in shares of Ameriprise Financial by 114.3% during the 2nd quarter. Hager Investment Management Services LLC now owns 75 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 40 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AMP shares. Morgan Stanley reduced their price target on shares of Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a research report on Wednesday, October 1st. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a report on Wednesday, July 9th. William Blair downgraded shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. BMO Capital Markets initiated coverage on shares of Ameriprise Financial in a report on Friday, October 3rd. They set a “market perform” rating and a $525.00 price objective for the company. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial currently has a consensus rating of “Hold” and an average price target of $539.50.

Ameriprise Financial Stock Performance

NYSE AMP opened at $491.13 on Friday. The company has a 50-day simple moving average of $500.83 and a two-hundred day simple moving average of $501.95. 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 firm has a market cap of $46.30 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.10 and a beta of 1.26.

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

Ameriprise Financial Dividend Announcement

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

Insider Activity

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

Ameriprise Financial Company Profile

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.