Wedge Capital Management L L P NC Purchases 9,307 Shares of Ameriprise Financial, Inc. $AMP

Wedge Capital Management L L P NC boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 14.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,833 shares of the financial services provider’s stock after acquiring an additional 9,307 shares during the quarter. Wedge Capital Management L L P NC owned 0.08% of Ameriprise Financial worth $33,872,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of AMP. SouthState Bank Corp increased its holdings in Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 22 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial during the 1st quarter worth about $28,000. Ares Financial Consulting LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter valued at about $32,000. Prosperity Bancshares Inc acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $33,000. Finally, Evolution Wealth Management Inc. acquired a new stake in shares of Ameriprise Financial in the first quarter valued at about $34,000. Institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AMP. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods upped 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. Piper Sandler boosted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Finally, BMO Capital Markets lifted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of “Moderate Buy” and an average price target of $555.33.

Ameriprise Financial Price Performance

Shares of AMP opened at $563.22 on Wednesday. The business’s fifty day moving average is $499.98 and its 200 day moving average is $478.73. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $565.44. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $50.63 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.75 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $9.11 earnings per share. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 3rd will be paid a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

Insider Activity

In related news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’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 completion of the sale, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 35,771 shares of company stock worth $19,008,295. 0.60% of the stock is owned by insiders.

Ameriprise Financial 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.