Brookstone Capital Management Makes New $226,000 Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Brookstone Capital Management acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 482 shares of the financial services provider’s stock, valued at approximately $226,000.

A number of other hedge funds have also modified their holdings of AMP. JPMorgan Chase & Co. raised its stake in Ameriprise Financial by 18.6% during the first 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 in the last quarter. Swedbank AB bought a new stake in Ameriprise Financial during the first quarter worth about $108,938,000. AGF Management Ltd. boosted its holdings in shares of Ameriprise Financial by 35.4% in the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after acquiring an additional 131,844 shares in the last quarter. TD Asset Management Inc grew its position in Ameriprise Financial by 18.8% during the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after acquiring an additional 111,973 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Ameriprise Financial by 10.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after purchasing an additional 110,319 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Up 0.4 %

AMP stock opened at $504.53 on Tuesday. The stock has a market capitalization of $50.11 billion, a P/E ratio of 17.17, a P/E/G ratio of 0.81 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 $504.82. The business has a 50-day moving average of $448.00 and a 200-day moving average of $434.91. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.59 and a quick ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The company had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company earned $7.44 EPS. Ameriprise Financial’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 34.92 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. Investors of record on Monday, August 5th were paid a $1.48 dividend. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.17%. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research reports. Morgan Stanley lowered their target price on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. UBS Group raised their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Piper Sandler reduced their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. The Goldman Sachs Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $485.00 to $476.00 in a report on Thursday, September 26th. Finally, Royal Bank of Canada boosted their price objective on Ameriprise Financial from $500.00 to $535.00 and gave the stock an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average target price of $473.56.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the company’s 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.