Saudi Central Bank Raises Stock Position in Ameriprise Financial, Inc. $AMP

Saudi Central Bank boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 85.1% in the second quarter, HoldingsChannel reports. The firm owned 6,348 shares of the financial services provider’s stock after buying an additional 2,919 shares during the period. Saudi Central Bank’s holdings in Ameriprise Financial were worth $2,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NBH Bank acquired a new position in shares of Ameriprise Financial in the 2nd quarter valued at about $151,000. AlphaGrep UK Ltd purchased a new position in Ameriprise Financial during the second quarter valued at approximately $873,000. Invested Advisors raised its position in Ameriprise Financial by 13.4% during the second quarter. Invested Advisors now owns 558 shares of the financial services provider’s stock valued at $256,000 after acquiring an additional 66 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in Ameriprise Financial by 37.1% in the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 29,232 shares of the financial services provider’s stock valued at $13,410,000 after acquiring an additional 7,916 shares during the period. Finally, ZEGA Investments LLC purchased a new stake in Ameriprise Financial in the 2nd quarter worth approximately $206,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Jefferies Financial Group lifted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Morgan Stanley raised their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. Finally, Piper Sandler upped their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.33.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $559.88 on Tuesday. 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 stock has a market capitalization of $50.33 billion, a PE ratio of 13.50, a P/E/G ratio of 1.00 and a beta of 1.14. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The company has a fifty day moving average of $538.49 and a two-hundred day moving average of $485.63.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned $9.11 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s payout ratio is presently 16.40%.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president directly owned 713 shares of the company’s stock, valued at $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value 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. The trade was a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, 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.

About Ameriprise Financial

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.