Convergence Investment Partners LLC Buys Shares of 1,735 Ameriprise Financial, Inc. $AMP

Convergence Investment Partners LLC bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the first quarter, HoldingsChannel reports. The institutional investor bought 1,735 shares of the financial services provider’s stock, valued at approximately $771,000.

Several other hedge funds have also recently modified their holdings of AMP. Brighton Jones LLC lifted its holdings in shares of Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider’s stock valued at $413,000 after purchasing an additional 50 shares in the last quarter. Empowered Funds LLC increased its holdings in Ameriprise Financial by 11.8% in the 1st quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider’s stock worth $2,915,000 after buying an additional 634 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in Ameriprise Financial by 14.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider’s stock worth $312,000 after buying an additional 72 shares in the last quarter. Schnieders Capital Management LLC. purchased a new position in Ameriprise Financial in the 2nd quarter worth about $313,000. Finally, Gabelli Funds LLC raised its position in Ameriprise Financial by 224.8% in the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider’s stock worth $2,253,000 after buying an additional 2,922 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AMP shares. Weiss Ratings raised shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Keefe, Bruyette & Woods started coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They set a “hold” rating for the company. Jefferies Financial Group increased their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Morgan Stanley raised their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Ameriprise Financial has an average rating of “Hold” and a consensus target price of $553.67.

Insider Activity at Ameriprise Financial

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

Ameriprise Financial Stock Up 0.4%

Ameriprise Financial stock opened at $528.56 on Wednesday. The stock has a market cap of $47.52 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 0.94 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $550.18. The stock has a fifty day moving average of $472.87 and a 200 day moving average of $474.19.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.50 earnings per share. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 43.74 EPS for the current year.

Ameriprise Financial Increases Dividend

The firm also recently declared 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 represents a $6.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, May 4th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is currently 16.91%.

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.