L2 Asset Management LLC Takes $7.32 Million Position in Ameriprise Financial, Inc. $AMP

L2 Asset Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 15,947 shares of the financial services provider’s stock, valued at approximately $7,316,000.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Ameriprise Financial during the fourth quarter valued at about $742,438,000. AQR Capital Management LLC boosted its position in Ameriprise Financial by 84.2% during the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after purchasing an additional 496,319 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Ameriprise Financial in the second quarter worth about $203,510,000. First Trust Advisors LP increased its stake in shares of Ameriprise Financial by 85.5% in the fourth quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock worth $406,216,000 after purchasing an additional 381,754 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in shares of Ameriprise Financial by 140.5% in the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock valued at $231,805,000 after purchasing an additional 275,659 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

AMP has been the topic of a number of recent research reports. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Jefferies Financial Group boosted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Piper Sandler increased their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $555.33.

Insider Transactions at Ameriprise Financial

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Walter Stanley Berman sold 11,012 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $561.00 on Tuesday. The firm’s fifty day moving average price is $519.69 and its 200-day moving average price is $481.87. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $50.43 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 0.74 and a beta of 1.14. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the business earned $9.11 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial’s payout ratio is 16.40%.

Ameriprise Financial Company Profile

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.