Legal & General Group Plc Takes Position in Ameriprise Financial, Inc. $AMP

Legal & General Group Plc acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, HoldingsChannel reports. The fund acquired 572,603 shares of the financial services provider’s stock, valued at approximately $262,687,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Ameriprise Financial by 5.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,258 shares of the financial services provider’s stock worth $98,388,000 after purchasing an additional 10,782 shares in the last quarter. National Pension Service grew its position in shares of Ameriprise Financial by 8.2% during the 4th quarter. National Pension Service now owns 165,543 shares of the financial services provider’s stock worth $81,172,000 after buying an additional 12,563 shares during the period. LSV Asset Management grew its position in shares of Ameriprise Financial by 1.3% during the 4th quarter. LSV Asset Management now owns 272,018 shares of the financial services provider’s stock worth $133,381,000 after buying an additional 3,548 shares during the period. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Ameriprise Financial in the 4th quarter valued at $72,050,000. Finally, D.A. Davidson & CO. lifted its position in shares of Ameriprise Financial by 116.5% during the 4th quarter. D.A. Davidson & CO. now owns 13,380 shares of the financial services provider’s stock valued at $6,561,000 after acquiring an additional 7,200 shares during the period. Institutional investors own 83.95% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CFO Walter Stanley Berman sold 11,012 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock worth $16,316,497 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $561.04 on Thursday. 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’s fifty day simple moving average is $523.27 and its two-hundred day simple moving average is $482.17. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The stock has a market cap of $50.44 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14.

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

Ameriprise Financial Announces Dividend

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

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.