Great Lakes Advisors LLC Acquires 1,502 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Great Lakes Advisors LLC raised its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 22.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,078 shares of the financial services provider’s stock after buying an additional 1,502 shares during the quarter. Great Lakes Advisors LLC’s holdings in Ameriprise Financial were worth $3,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Ameriprise Financial in the fourth quarter worth about $514,539,000. JPMorgan Chase & Co. increased its stake in Ameriprise Financial by 18.6% in the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after acquiring an additional 603,267 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Ameriprise Financial by 1,001.2% during the 4th quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock worth $214,266,000 after acquiring an additional 512,884 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Ameriprise Financial by 151.5% during the 4th 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 during the last quarter. Finally, Swedbank AB bought a new position in shares of Ameriprise Financial during the 1st quarter valued at approximately $108,938,000. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling at Ameriprise Financial

In other news, VP William Davies sold 8,700 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the transaction, the vice president now directly owns 13,199 shares of the company’s stock, valued at $5,834,881.93. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.73% of the stock is owned by corporate insiders.

Ameriprise Financial Trading Up 1.4 %

AMP opened at $436.29 on Tuesday. Ameriprise Financial, Inc. has a one year low of $306.63 and a one year high of $450.35. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market cap of $42.84 billion, a price-to-earnings ratio of 14.85, a P/E/G ratio of 0.74 and a beta of 1.35. The stock’s 50 day moving average price is $428.21 and its 200-day moving average price is $426.39.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. The business had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted $7.44 earnings per share. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 34.81 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 dividend on an annualized basis and a yield of 1.36%. Ameriprise Financial’s payout ratio is 20.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AMP shares. Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods lowered their price target on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a report on Tuesday, July 30th. UBS Group dropped their price target on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Piper Sandler decreased their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Finally, Jefferies Financial Group lifted their target price on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $464.33.

Ameriprise Financial 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.