Norges Bank Invests $689.27 Million in Ameriprise Financial, Inc. (NYSE:AMP)

Norges Bank purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,294,578 shares of the financial services provider’s stock, valued at approximately $689,272,000. Norges Bank owned approximately 1.33% of Ameriprise Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Howard Capital Management Group LLC raised its holdings in shares of Ameriprise Financial by 11.1% in the third quarter. Howard Capital Management Group LLC now owns 1,787 shares of the financial services provider’s stock valued at $840,000 after buying an additional 178 shares during the last quarter. Private Trust Co. NA raised its stake in Ameriprise Financial by 21.0% during the 3rd quarter. Private Trust Co. NA now owns 870 shares of the financial services provider’s stock valued at $409,000 after acquiring an additional 151 shares during the last quarter. Dai ichi Life Insurance Company Ltd lifted its position in Ameriprise Financial by 369.5% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 3,812 shares of the financial services provider’s stock worth $1,791,000 after acquiring an additional 3,000 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Ameriprise Financial by 1.1% in the third quarter. D.A. Davidson & CO. now owns 4,491 shares of the financial services provider’s stock valued at $2,110,000 after purchasing an additional 47 shares during the period. Finally, Townsquare Capital LLC raised its stake in shares of Ameriprise Financial by 8.0% during the third quarter. Townsquare Capital LLC now owns 7,047 shares of the financial services provider’s stock worth $3,311,000 after purchasing an additional 520 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. UBS Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $580.00 to $570.00 in a report on Monday, January 6th. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $514.89.

Insiders Place Their Bets

In other news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the completion of the transaction, the insider now owns 7,237 shares in the company, valued at approximately $3,901,249.59. This trade represents a 39.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now directly owns 14,023 shares in the company, valued at $7,576,486.67. This represents a 29.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,636 shares of company stock worth $6,263,989. 0.96% of the stock is owned by corporate insiders.

Ameriprise Financial Price Performance

NYSE AMP opened at $499.19 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average price of $525.95 and a two-hundred day moving average price of $522.12. The stock has a market cap of $47.98 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 1.15 and a beta of 1.33. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 10th were paid a dividend of $1.48 per share. The ex-dividend date was Monday, February 10th. This represents a $5.92 annualized dividend and a yield of 1.19%. Ameriprise Financial’s payout ratio is 17.91%.

Ameriprise Financial Company 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.