Merited Wealth LLC Takes $1.15 Million Position in Ameriprise Financial, Inc. $AMP

Merited Wealth LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,580 shares of the financial services provider’s stock, valued at approximately $1,147,000.

A number of other institutional investors have also recently bought and sold shares of AMP. SouthState Bank Corp lifted its stake in Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares in the last quarter. Holos Integrated Wealth LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter worth about $30,000. Ares Financial Consulting LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter worth approximately $32,000. Prosperity Bancshares Inc purchased a new position in shares of Ameriprise Financial in the fourth quarter worth approximately $33,000. Finally, WFA of San Diego LLC purchased a new position in shares of Ameriprise Financial in the second quarter worth approximately $36,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AMP shares. Morgan Stanley upped their price target on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. BMO Capital Markets boosted their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They set a “hold” rating on the stock. Finally, Piper Sandler increased their target price on Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $543.22.

Ameriprise Financial Price Performance

Shares of AMP opened at $478.97 on Thursday. The company has a market capitalization of $43.06 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 0.96 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. The business’s 50-day moving average is $460.79 and its 200-day moving average is $472.42.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.50 earnings per share. Equities research analysts expect that Ameriprise Financial, Inc. will post 43.01 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, May 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is currently 16.91%.

Insiders Place Their Bets

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the transaction, the director owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company’s stock.

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.