The Manufacturers Life Insurance Company Purchases New Stake in Ameriprise Financial, Inc. $AMP

The Manufacturers Life Insurance Company purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 44,999 shares of the financial services provider’s stock, valued at approximately $20,644,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Essex Financial Services Inc. increased its holdings in shares of Ameriprise Financial by 2.4% in the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 21 shares during the last quarter. SouthState Bank Corp boosted its holdings in shares of Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after buying an additional 22 shares during the period. Geneos Wealth Management Inc. grew its stake in Ameriprise Financial by 5.4% in the 2nd quarter. Geneos Wealth Management Inc. now owns 447 shares of the financial services provider’s stock valued at $239,000 after buying an additional 23 shares during the last quarter. Optimist Retirement Group LLC raised its holdings in Ameriprise Financial by 3.7% in the 3rd quarter. Optimist Retirement Group LLC now owns 638 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 23 shares during the period. Finally, Boyd Watterson Asset Management LLC OH lifted its position in Ameriprise Financial by 5.2% during the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 484 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 24 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

NYSE:AMP opened at $556.15 on Friday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The firm’s 50-day simple moving average is $525.04 and its 200 day simple moving average is $482.26. The firm has a market cap of $50.00 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 0.75 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP) last posted 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. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the firm posted $9.11 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Insider Buying and Selling

In related news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company’s stock, valued at $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider William Jerryl Williams sold 8,210 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMP. Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Piper Sandler increased their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Jefferies Financial Group lifted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Finally, Keefe, Bruyette & Woods boosted their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and an average target price of $555.33.

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.