Coastal Bridge Advisors LLC Invests $927,000 in Ameriprise Financial, Inc. $AMP

Coastal Bridge Advisors LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,021 shares of the financial services provider’s stock, valued at approximately $927,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jefferies Financial Group Inc. bought a new stake in shares of Ameriprise Financial during the second quarter valued at about $522,000. Public Employees Retirement System of Ohio bought a new position in Ameriprise Financial in the 2nd quarter valued at about $321,000. Redwood Investment Management LLC bought a new position in Ameriprise Financial in the 2nd quarter valued at about $1,182,000. Proficio Capital Partners LLC acquired a new position in Ameriprise Financial during the 2nd quarter valued at about $304,000. Finally, Transamerica Financial Advisors LLC acquired a new position in Ameriprise Financial during the 2nd quarter valued at about $48,000. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Morgan Stanley raised their price objective 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. Jefferies Financial Group boosted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Piper Sandler upped 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, Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $555.33.

Ameriprise Financial Price Performance

NYSE:AMP opened at $556.15 on Friday. 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 business’s 50-day moving average price is $525.04 and its 200 day moving average price is $482.26. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The firm has a market cap of $50.00 billion, a P/E ratio of 13.41, a PEG ratio of 0.75 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.87 billion. During the same period in the prior year, the company earned $9.11 EPS. Ameriprise Financial’s revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s payout ratio is presently 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on 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 approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. 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.