Empirical Asset Management LLC Acquires New Shares in Ameriprise Financial, Inc. $AMP

Empirical Asset Management LLC bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,420 shares of the financial services provider’s stock, valued at approximately $652,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new position in shares of Ameriprise Financial during the fourth quarter valued at $742,438,000. AQR Capital Management LLC boosted its position in shares of Ameriprise Financial by 84.2% during the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after buying an additional 496,319 shares during the last quarter. M&T Bank Corp increased its holdings in Ameriprise Financial by 1,440.2% in the 4th quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider’s stock worth $228,572,000 after buying an additional 435,885 shares in the last quarter. First Trust Advisors LP increased its holdings in Ameriprise Financial by 85.5% in the 4th quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock worth $406,216,000 after buying an additional 381,754 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in Ameriprise Financial by 140.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock worth $231,805,000 after buying an additional 275,659 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Activity

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 of the company’s stock, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock worth $16,316,497 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP opened at $562.89 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The business has a 50-day simple moving average of $511.57 and a two-hundred day simple moving average of $481.04. The stock has a market cap of $50.60 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 0.77 and a beta of 1.14. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $9.11 EPS. On average, analysts expect that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.

Wall Street Analyst Weigh In

AMP has been the topic of several research analyst reports. Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings raised shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Piper Sandler increased their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Finally, Morgan Stanley lifted their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of “Moderate Buy” and a consensus price target of $555.33.

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.