Salomon & Ludwin LLC Boosts Stock Position in Ameriprise Financial, Inc. $AMP

Salomon & Ludwin LLC boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 115.4% in the second quarter, Holdings Channel.com reports. The fund owned 56 shares of the financial services provider’s stock after acquiring an additional 30 shares during the quarter. Salomon & Ludwin LLC’s holdings in Ameriprise Financial were worth $30,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AMP. Brighton Jones LLC boosted its holdings in Ameriprise Financial by 6.9% during the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 50 shares during the period. GAMMA Investing LLC boosted its holdings in Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 83 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Ameriprise Financial by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock worth $12,055,000 after buying an additional 1,433 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after buying an additional 806 shares during the period. Finally, CWA Asset Management Group LLC lifted its holdings in shares of Ameriprise Financial by 41.0% in the 1st quarter. CWA Asset Management Group LLC now owns 540 shares of the financial services provider’s stock worth $261,000 after buying an additional 157 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AMP. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a report on Wednesday, July 9th. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Morgan Stanley lowered their target price on Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a report on Wednesday, October 1st. Raymond James Financial upped their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a report on Friday, July 25th. Finally, Piper Sandler boosted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $539.50.

Insider Transactions at Ameriprise Financial

In other news, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William F. Truscott sold 9,929 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer directly owned 11,047 shares in the company, valued at $5,599,613.83. This represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Up 0.5%

Shares of AMP stock opened at $470.03 on Monday. The stock’s 50-day simple moving average is $497.70 and its 200-day simple moving average is $501.60. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market capitalization of $44.31 billion, a PE ratio of 14.62, a P/E/G ratio of 1.05 and a beta of 1.26. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating analysts’ consensus estimates of $9.00 by $0.11. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $8.72 earnings per share. Equities analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s dividend payout ratio is currently 19.91%.

About Ameriprise Financial

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.