Massachusetts Financial Services Co. MA Purchases 18,833 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Massachusetts Financial Services Co. MA increased its position in Ameriprise Financial, Inc. (NYSE:AMP) by 9.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 215,965 shares of the financial services provider’s stock after buying an additional 18,833 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Ameriprise Financial were worth $92,258,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Retirement Group LLC bought a new position in Ameriprise Financial in the 1st quarter worth $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in Ameriprise Financial by 268.8% in the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock worth $25,000 after buying an additional 43 shares during the period. Accordant Advisory Group Inc purchased a new stake in Ameriprise Financial in the 2nd quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the 1st quarter worth $28,000. Finally, Mascoma Wealth Management LLC lifted its stake in Ameriprise Financial by 153.8% in the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the stock in a transaction 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 directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AMP. Morgan Stanley decreased their price target 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. Piper Sandler decreased their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research note on Friday, June 28th. Keefe, Bruyette & Woods decreased their price target on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 30th. Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Royal Bank of Canada boosted their price target on shares of Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $464.33.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP opened at $451.33 on Thursday. The firm has a market cap of $44.83 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The firm’s 50 day simple moving average is $429.39 and its 200-day simple moving average is $427.90. Ameriprise Financial, Inc. has a one year low of $306.63 and a one year high of $458.23. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $0.19. The company had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. Ameriprise Financial’s 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. As a group, equities analysts predict 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. Stockholders of record on Monday, August 5th were paid a dividend of $1.48 per share. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.31%. Ameriprise Financial’s payout ratio is currently 20.15%.

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.