Frank Rimerman Advisors LLC Takes Position in Ameriprise Financial, Inc. (NYSE:AMP)

Frank Rimerman Advisors LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 1,714 shares of the financial services provider’s stock, valued at approximately $732,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Portside Wealth Group LLC lifted its stake in Ameriprise Financial by 3.7% during the second quarter. Portside Wealth Group LLC now owns 697 shares of the financial services provider’s stock worth $298,000 after purchasing an additional 25 shares in the last quarter. Signaturefd LLC grew its position in Ameriprise Financial by 1.1% in the 1st quarter. Signaturefd LLC now owns 2,296 shares of the financial services provider’s stock valued at $1,007,000 after acquiring an additional 26 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in Ameriprise Financial by 0.7% during the second quarter. Coldstream Capital Management Inc. now owns 3,760 shares of the financial services provider’s stock worth $1,606,000 after purchasing an additional 26 shares during the period. Aua Capital Management LLC lifted its position in shares of Ameriprise Financial by 4.7% during the first quarter. Aua Capital Management LLC now owns 604 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 27 shares in the last quarter. Finally, Gratus Wealth Advisors LLC boosted its stake in shares of Ameriprise Financial by 1.5% in the first quarter. Gratus Wealth Advisors LLC now owns 1,887 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 27 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on AMP. Piper Sandler cut 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. Keefe, Bruyette & Woods decreased their target price on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Royal Bank of Canada upped their target price on Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Finally, Morgan Stanley dropped their price objective on shares of Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $464.33.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $461.93 on Tuesday. The firm’s fifty day simple moving average is $430.48 and its 200-day simple moving average is $429.03. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The stock has a market cap of $45.88 billion, a PE ratio of 15.72, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. Ameriprise Financial, Inc. has a fifty-two week low of $306.63 and a fifty-two week high of $465.82.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. The company had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the company posted $7.44 earnings per share. Analysts expect that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

Insider Activity

In related news, VP William Davies sold 8,700 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.73% of the company’s stock.

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.