Wellington Wealth Strategies LLC. Makes New $295,000 Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Wellington Wealth Strategies LLC. bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 690 shares of the financial services provider’s stock, valued at approximately $295,000. Ameriprise Financial accounts for 1.3% of Wellington Wealth Strategies LLC.’s holdings, making the stock its 21st largest position.

Several other institutional investors and hedge funds have also modified their holdings of AMP. JPMorgan Chase & Co. raised its position 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 valued at $1,685,436,000 after acquiring an additional 603,267 shares in the last quarter. First Trust Advisors LP increased its stake 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 purchasing an additional 512,884 shares during the last quarter. Swedbank AB bought a new position in shares of Ameriprise Financial during the 1st quarter valued at $108,938,000. Epoch Investment Partners Inc. lifted its stake in shares of Ameriprise Financial by 104.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock valued at $145,183,000 after purchasing an additional 195,475 shares during the last quarter. Finally, AGF Management Ltd. lifted its stake 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 valued at $215,584,000 after purchasing an additional 131,844 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

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

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent research reports. UBS Group cut their target price on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Sandler decreased their target price 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. The Goldman Sachs Group lowered shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $485.00 to $476.00 in a research report on Thursday. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $463.00.

Ameriprise Financial Price Performance

NYSE:AMP opened at $468.62 on Monday. 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, Inc. has a one year low of $306.63 and a one year high of $471.57. The company has a fifty day moving average price of $434.13 and a 200 day moving average price of $430.50. The stock has a market cap of $46.55 billion, a P/E ratio of 15.95, a PEG ratio of 0.80 and a beta of 1.35.

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

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a $1.48 dividend. The ex-dividend date was Monday, August 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.26%. Ameriprise Financial’s dividend 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.