Spartan Wealth Advisory Services LLC Invests $2.09 Million in Ameriprise Financial, Inc. $AMP

Spartan Wealth Advisory Services LLC bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the first quarter, according to its most recent filing with the SEC. The firm bought 4,701 shares of the financial services provider’s stock, valued at approximately $2,089,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMP. PFG Investments LLC lifted its stake in shares of Ameriprise Financial by 1.4% in the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider’s stock valued at $729,000 after buying an additional 21 shares in the last quarter. Institute for Wealth Management LLC. increased its position in shares of Ameriprise Financial by 3.6% during the fourth quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 21 shares in the last quarter. EPG Wealth Management LLC increased its position in shares of Ameriprise Financial by 0.8% during the fourth quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider’s stock worth $1,331,000 after acquiring an additional 21 shares in the last quarter. Essex Financial Services Inc. raised its holdings in shares of Ameriprise Financial by 2.4% in the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 21 shares during the last quarter. Finally, SouthState Bank Corp raised its holdings in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 22 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. BMO Capital Markets lifted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Keefe, Bruyette & Woods initiated coverage on Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating on the stock. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Finally, Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $553.67.

Ameriprise Financial Trading Down 1.0%

Shares of AMP stock opened at $527.91 on Friday. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The company has a 50-day simple moving average of $470.45 and a two-hundred day simple moving average of $473.87. The company has a market capitalization of $47.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.94 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the firm earned $9.50 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Research analysts anticipate that Ameriprise Financial, Inc. will post 43.74 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors 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 is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is 16.91%.

Insiders Place Their Bets

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the sale, the director directly owned 6,300 shares of the company’s stock, valued at $2,934,729. This trade represents a 16.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% 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.