Principal Financial Group Inc. Purchases 3,094 Shares of Ameriprise Financial, Inc. $AMP

Principal Financial Group Inc. boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 222,465 shares of the financial services provider’s stock after purchasing an additional 3,094 shares during the quarter. Principal Financial Group Inc. owned about 0.24% of Ameriprise Financial worth $98,863,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. SouthState Bank Corp grew its holdings in shares of Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares during the last quarter. Holos Integrated Wealth LLC acquired a new stake in shares of Ameriprise Financial in the 4th quarter worth about $30,000. Ares Financial Consulting LLC acquired a new stake in shares of Ameriprise Financial in the 4th quarter worth about $32,000. Prosperity Bancshares Inc bought a new position in Ameriprise Financial in the 4th quarter valued at about $33,000. Finally, WFA of San Diego LLC acquired a new position in Ameriprise Financial during the 2nd quarter valued at about $36,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $528.07 on Thursday. The company has a market capitalization of $47.47 billion, a PE ratio of 13.13, a PEG ratio of 0.93 and a beta of 1.16. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. The stock’s 50 day moving average price is $467.73 and its 200-day moving average price is $473.27. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the business posted $9.50 earnings per share. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 43.46 EPS for the current year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is 16.91%.

Insiders Place Their Bets

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on AMP shares. BMO Capital Markets boosted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Jefferies Financial Group lifted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Weiss Ratings lowered Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $553.67.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.