Fred Alger Management LLC Takes Position in Ameriprise Financial, Inc. (NYSE:AMP)

Fred Alger Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,977 shares of the financial services provider’s stock, valued at approximately $3,715,000.

Several other institutional investors have also bought and sold shares of AMP. TCTC Holdings LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Ameriprise Financial during the fourth quarter valued at about $28,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial during the fourth quarter worth about $28,000. Wingate Wealth Advisors Inc. bought a new stake in Ameriprise Financial in the 4th quarter worth about $30,000. Finally, Sound Income Strategies LLC purchased a new stake in Ameriprise Financial in the 4th quarter valued at about $36,000. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,901,249.59. The trade was a 39.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Raymond James upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research note on Monday, April 7th. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research note on Wednesday. Royal Bank of Canada raised their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Piper Sandler raised their price objective 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $517.13.

Ameriprise Financial Trading Up 0.6 %

Shares of AMP opened at $492.09 on Friday. The firm has a market cap of $47.15 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The business has a 50-day moving average of $476.70 and a 200 day moving average of $519.86.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.39 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial declared that its Board of Directors has authorized a share repurchase program on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.30%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s dividend payout ratio is currently 21.75%.

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.