Prana Capital Management LP Takes Position in Ameriprise Financial, Inc. $AMP

Prana Capital Management LP acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 182,586 shares of the financial services provider’s stock, valued at approximately $89,695,000. Ameriprise Financial makes up about 3.0% of Prana Capital Management LP’s holdings, making the stock its 10th largest holding. Prana Capital Management LP owned about 0.20% of Ameriprise Financial as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in Ameriprise Financial in the second quarter worth approximately $693,736,000. JPMorgan Chase & Co. raised its stake in shares of Ameriprise Financial by 7.7% during the second quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock worth $3,347,019,000 after acquiring an additional 446,080 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Ameriprise Financial by 140.5% during the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock worth $231,805,000 after acquiring an additional 275,659 shares in the last quarter. Man Group plc lifted its holdings in shares of Ameriprise Financial by 687.4% in the 3rd quarter. Man Group plc now owns 276,822 shares of the financial services provider’s stock worth $135,989,000 after acquiring an additional 241,665 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Ameriprise Financial by 29.3% in the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider’s stock worth $474,628,000 after acquiring an additional 219,080 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Down 0.2%

Shares of NYSE AMP opened at $437.99 on Wednesday. The firm’s fifty day moving average is $488.74 and its 200 day moving average is $483.62. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $550.18. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. The company has a market cap of $39.94 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.02 and a beta of 1.27.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, beating the consensus estimate of $10.33 by $0.50. The business had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.54 EPS. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Monday, February 9th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Monday, February 9th. Ameriprise Financial’s dividend payout ratio is currently 17.60%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AMP shares. Morgan Stanley increased their target price on shares of Ameriprise Financial from $484.00 to $485.00 and gave the company an “underweight” rating in a report on Monday, December 22nd. BMO Capital Markets reissued a “market perform” rating on shares of Ameriprise Financial in a research note on Tuesday, March 3rd. Piper Sandler upgraded shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and upped their price target for the company from $434.00 to $530.00 in a research report on Friday, January 30th. Raymond James Financial set a $582.00 price objective on Ameriprise Financial and gave the company a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. One equities 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $555.67.

Insider Transactions at Ameriprise Financial

In related news, insider Gumer Alvero sold 4,658 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $542.88, for a total value of $2,528,735.04. Following the sale, the insider directly owned 4,621 shares of the company’s stock, valued at $2,508,648.48. This trade represents a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Walter Stanley Berman sold 7,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $544.22, for a total value of $3,809,540.00. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,052,529.98. This represents a 55.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,658 shares of company stock worth $8,998,675. Company insiders own 0.57% of the company’s stock.

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.