Rakuten Investment Management Inc. Invests $6.59 Million in Ameriprise Financial, Inc. $AMP

Rakuten Investment Management Inc. bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 14,749 shares of the financial services provider’s stock, valued at approximately $6,590,000.

Other large investors also recently made changes to their positions in the company. Norges Bank purchased a new position in Ameriprise Financial during the fourth quarter worth about $742,438,000. Bank of America Corp DE purchased a new stake in Ameriprise Financial in the 2nd quarter valued at about $320,948,000. Legal & General Group Plc purchased a new stake in Ameriprise Financial in the 2nd quarter valued at about $262,687,000. Hsbc Holdings PLC purchased a new position in shares of Ameriprise Financial in the 2nd quarter worth approximately $248,547,000. Finally, Man Group plc bought a new position in shares of Ameriprise Financial in the second quarter valued at approximately $228,311,000. 83.95% of the stock is owned by institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, insider William Jerryl Williams sold 8,210 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider directly owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company’s stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last three months. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Stock Up 0.7%

AMP stock opened at $559.79 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $50.33 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.75 and a beta of 1.14. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The stock has a fifty day moving average of $526.87 and a 200-day moving average of $482.80.

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

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.

Analyst Ratings Changes

AMP has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Morgan Stanley boosted their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. 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, Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $555.33.

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.