23,007 Shares in Ameriprise Financial, Inc. $AMP Purchased by Parrish Capital LLC

Parrish Capital LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 23,007 shares of the financial services provider’s stock, valued at approximately $11,327,000. Ameriprise Financial comprises about 8.7% of Parrish Capital LLC’s investment portfolio, making the stock its 2nd largest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of AMP. State Street Corp increased its stake in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after buying an additional 3,036,128 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after acquiring an additional 19,731 shares in the last quarter. First Trust Advisors LP boosted its holdings in Ameriprise Financial by 18.7% during the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock valued at $436,888,000 after acquiring an additional 154,659 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Ameriprise Financial by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock valued at $374,920,000 after acquiring an additional 22,819 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Finally, Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average target price of $555.33.

Insider Activity

In related news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by insiders.

Ameriprise Financial Stock Performance

AMP traded up $3.97 on Thursday, hitting $496.32. 173,894 shares of the company traded hands, compared to its average volume of 645,648. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a 50 day moving average of $545.45 and a 200-day moving average of $493.05. 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 capitalization of $44.62 billion, a PE ratio of 11.98, a PEG ratio of 0.89 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP) last released its earnings results 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. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the company posted $9.11 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial’s payout ratio is currently 16.40%.

Ameriprise Financial declared that its board has authorized a stock repurchase plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.