Central Pacific Bank Trust Division Purchases Shares of 1,520 Ameriprise Financial, Inc. (NYSE:AMP)

Central Pacific Bank Trust Division purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,520 shares of the financial services provider’s stock, valued at approximately $661,000.

Several other institutional investors and hedge funds have also made changes to their positions in AMP. Norges Bank acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $514,539,000. First Trust Advisors LP lifted its position in Ameriprise Financial by 1,001.2% in the fourth quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock valued at $214,266,000 after acquiring an additional 512,884 shares during the last quarter. TD Asset Management Inc boosted its stake in Ameriprise Financial by 151.5% in the fourth quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock valued at $226,243,000 after acquiring an additional 358,780 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Ameriprise Financial by 104.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock worth $145,183,000 after purchasing an additional 195,475 shares during the last quarter. Finally, Gillson Capital LP acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth about $47,511,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research analyst reports. Piper Sandler decreased their target price on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research report on Friday, June 28th. Argus increased their price objective on Ameriprise Financial from $440.00 to $460.00 and gave the company a “buy” rating in a report on Monday, May 6th. The Goldman Sachs Group lifted their target price on shares of Ameriprise Financial from $437.00 to $488.00 and gave the company a “buy” rating in a report on Wednesday, March 27th. Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Royal Bank of Canada raised their price objective on shares of Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $462.89.

Ameriprise Financial Stock Performance

Shares of AMP stock traded up $0.31 during mid-day trading on Wednesday, hitting $433.60. The stock had a trading volume of 7,981 shares, compared to its average volume of 472,603. The firm has a market cap of $43.07 billion, a PE ratio of 14.75, a PEG ratio of 0.73 and a beta of 1.37. The company’s 50-day simple moving average is $431.28 and its 200-day simple moving average is $413.55. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.56 and a quick ratio of 0.56. Ameriprise Financial, Inc. has a fifty-two week low of $306.63 and a fifty-two week high of $446.32.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, beating analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the firm earned $7.25 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 34.92 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date was Friday, May 3rd. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Insiders Place Their Bets

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total transaction of $657,105.00. Following the sale, the director now directly owns 11,000 shares in the company, valued at approximately $4,818,770. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by company insiders.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.