Kestra Investment Management LLC Makes New $731,000 Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Kestra Investment Management LLC bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, Holdings Channel reports. The fund bought 1,712 shares of the financial services provider’s stock, valued at approximately $731,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Retirement Group LLC bought a new position in shares of Ameriprise Financial in the first quarter valued at approximately $25,000. DiNuzzo Private Wealth Inc. lifted its stake 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 purchasing an additional 43 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in Ameriprise Financial in the 2nd quarter worth approximately $26,000. Redmont Wealth Advisors LLC bought a new position in Ameriprise Financial in the 1st quarter valued at $28,000. Finally, Mascoma Wealth Management LLC grew its position in shares of Ameriprise Financial by 153.8% during the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AMP has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price objective on Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods lowered their price target on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group downgraded 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, September 26th. Piper Sandler decreased their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Finally, Jefferies Financial Group lifted their target price on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $463.00.

Ameriprise Financial Stock Up 0.3 %

Shares of NYSE AMP opened at $469.81 on Tuesday. The stock has a market capitalization of $46.66 billion, a P/E ratio of 15.99, a PEG ratio of 0.80 and a beta of 1.35. Ameriprise Financial, Inc. has a one year low of $306.63 and a one year high of $471.57. The firm’s 50 day simple moving average is $435.13 and its two-hundred day simple moving average is $430.89. 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 released its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 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%. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $7.44 EPS. As a group, analysts expect that Ameriprise Financial, Inc. will post 34.81 EPS for the current fiscal 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 issued a $1.48 dividend. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.26%. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Insider Activity

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

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.