HBK Sorce Advisory LLC Increases Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

HBK Sorce Advisory LLC boosted its position in Ameriprise Financial, Inc. (NYSE:AMP) by 7.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 866 shares of the financial services provider’s stock after purchasing an additional 62 shares during the period. HBK Sorce Advisory LLC’s holdings in Ameriprise Financial were worth $370,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Ameriprise Financial during the 4th quarter worth $514,539,000. JPMorgan Chase & Co. increased its holdings in Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after acquiring an additional 603,267 shares in the last quarter. First Trust Advisors LP raised its position in Ameriprise Financial by 1,001.2% during the fourth 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 during the last quarter. TD Asset Management Inc lifted its holdings in shares of 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 purchasing an additional 358,780 shares in the last quarter. Finally, Swedbank AB acquired a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $108,938,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMP has been the subject of several research reports. Jefferies Financial Group lifted their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Keefe, Bruyette & Woods reduced their price objective on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 30th. Piper Sandler dropped their price objective 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. Royal Bank of Canada upped their target price on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley lowered their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $464.33.

Insider Activity

In related 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 value of $3,846,009.00. Following the transaction, the vice president now owns 13,199 shares in the company, valued at $5,834,881.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $440.39 on Friday. 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 company has a market cap of $43.24 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 0.75 and a beta of 1.35. Ameriprise Financial, Inc. has a 1 year low of $306.63 and a 1 year high of $450.35. The firm has a 50 day moving average price of $428.44 and a 200 day moving average price of $427.05.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the firm posted $7.44 EPS. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. Sell-side analysts predict that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a $1.48 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.34%. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

About Ameriprise Financial

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.