Cerity Partners LLC Increases Position in Ameriprise Financial, Inc. $AMP

Cerity Partners LLC raised its position in Ameriprise Financial, Inc. (NYSE:AMP) by 18.0% during the fourth quarter, Holdings Channel reports. The firm owned 75,408 shares of the financial services provider’s stock after buying an additional 11,525 shares during the quarter. Cerity Partners LLC’s holdings in Ameriprise Financial were worth $36,976,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SouthState Bank Corp raised its position in Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 22 shares during the period. Holos Integrated Wealth LLC purchased a new stake in Ameriprise Financial in the fourth quarter valued at approximately $30,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the third quarter valued at approximately $32,000. Ares Financial Consulting LLC purchased a new stake in Ameriprise Financial in the fourth quarter valued at approximately $32,000. Finally, WFA of San Diego LLC purchased a new stake in Ameriprise Financial in the second quarter valued at approximately $36,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AMP. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research report on Friday, April 10th. They issued a “hold” rating on the stock. BMO Capital Markets boosted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Weiss Ratings lowered Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. Piper Sandler boosted their target price on Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Finally, Raymond James Financial set a $582.00 target price on Ameriprise Financial and gave the company a “strong-buy” rating in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six 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 a consensus rating of “Hold” and an average target price of $543.22.

Ameriprise Financial Stock Up 0.5%

Ameriprise Financial stock opened at $451.50 on Thursday. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18. The stock’s fifty day simple moving average is $456.46 and its 200-day simple moving average is $472.82. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $40.59 billion, a P/E ratio of 11.23, a P/E/G ratio of 0.95 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the company earned $9.50 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 4th. Ameriprise Financial’s dividend payout ratio is currently 16.91%.

Insiders Place Their Bets

In other news, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director directly owned 6,300 shares in the company, valued at $2,934,729. This represents a 16.00% decrease in their position. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial 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.