Miller Value Partners LLC Takes $2.03 Million Position in Ameriprise Financial, Inc. $AMP

Miller Value Partners LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, Holdings Channel reports. The fund bought 4,428 shares of the financial services provider’s stock, valued at approximately $2,031,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Ameriprise Financial in the 4th quarter valued at $742,438,000. Legal & General Group Plc acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth $262,687,000. Hsbc Holdings PLC purchased a new stake in shares of Ameriprise Financial in the second quarter valued at about $248,547,000. AQR Capital Management LLC boosted its holdings in shares of Ameriprise Financial by 84.2% in 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 acquiring an additional 496,319 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ameriprise Financial during the second quarter worth about $203,510,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AMP shares. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Piper Sandler raised their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Morgan Stanley upped their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Moderate Buy” and a consensus price target of $555.33.

Ameriprise Financial Stock Down 0.1%

Shares of NYSE AMP opened at $560.30 on Wednesday. The firm’s 50-day moving average is $521.48 and its two-hundred day moving average is $481.98. The company has a market capitalization of $50.37 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the company posted $9.11 EPS. The company’s revenue was up 11.6% on a year-over-year basis. Equities analysts anticipate that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial’s payout ratio is 16.40%.

Insider Buying and Selling

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last three months. Insiders own 0.60% of the company’s stock.

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.