Sonora Investment Management Group LLC Purchases Shares of 380 Ameriprise Financial, Inc. $AMP

Sonora Investment Management Group LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 380 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other hedge funds also recently modified their holdings of the stock. Twelve Points Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the 2nd quarter worth about $220,000. Signaturefd LLC lifted its stake in shares of Ameriprise Financial by 1.3% during the 2nd quarter. Signaturefd LLC now owns 2,608 shares of the financial services provider’s stock worth $1,392,000 after buying an additional 34 shares during the last quarter. Old Port Advisors lifted its stake in shares of Ameriprise Financial by 1.5% during the 2nd quarter. Old Port Advisors now owns 1,381 shares of the financial services provider’s stock worth $737,000 after buying an additional 20 shares during the last quarter. Cove Private Wealth LLC lifted its stake in shares of Ameriprise Financial by 1.1% during the 2nd quarter. Cove Private Wealth LLC now owns 4,955 shares of the financial services provider’s stock worth $2,645,000 after buying an additional 55 shares during the last quarter. Finally, Kathmere Capital Management LLC lifted its stake in shares of Ameriprise Financial by 70.2% during the 2nd quarter. Kathmere Capital Management LLC now owns 1,227 shares of the financial services provider’s stock worth $655,000 after buying an additional 506 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $499.09 on Monday. 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 twelve month low of $396.14 and a twelve month high of $582.05. The stock has a market capitalization of $47.05 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.06 and a beta of 1.27. The company has a 50-day simple moving average of $506.68 and a two-hundred day simple moving average of $502.18.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 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 firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the firm earned $8.72 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Insider Activity

In other Ameriprise Financial news, EVP Heather J. Melloh sold 1,500 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $512.34, for a total value of $768,510.00. Following the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at $1,312,615.08. This trade represents a 36.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William F. Truscott sold 9,929 shares of the firm’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 transaction, the chief executive officer directly owned 11,047 shares in the company, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AMP shares. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. William Blair cut shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Piper Sandler raised their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research note on Thursday, July 3rd. 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 research note on Wednesday, July 9th. Finally, Raymond James Financial lifted their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $544.50.

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.