Old North State Trust LLC Takes $1.66 Million Position in Ameriprise Financial, Inc. $AMP

Old North State Trust LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, Holdings Channel reports. The institutional investor purchased 3,611 shares of the financial services provider’s stock, valued at approximately $1,657,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SouthState Bank Corp increased its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 22 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the first quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial during the second quarter worth about $28,000. Fiduciary Financial Advisors bought a new stake in shares of Ameriprise Financial during the second quarter worth about $30,000. Finally, Prosperity Bancshares Inc acquired a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $33,000. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

AMP stock opened at $556.15 on Friday. The firm has a market cap of $50.00 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average price of $525.04 and a 200-day moving average price of $482.26. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the company earned $9.11 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the sale, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Walter Stanley Berman sold 11,012 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

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.