Close Asset Management Ltd Has $227.65 Million Position in Ameriprise Financial, Inc. $AMP

Close Asset Management Ltd increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 78.2% during the third quarter, Holdings Channel reports. The institutional investor owned 463,149 shares of the financial services provider’s stock after purchasing an additional 203,252 shares during the period. Ameriprise Financial comprises about 5.1% of Close Asset Management Ltd’s portfolio, making the stock its 5th largest holding. Close Asset Management Ltd’s holdings in Ameriprise Financial were worth $227,652,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in AMP. Vanguard Group Inc. raised its position in shares of Ameriprise Financial by 0.9% during the second quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock worth $6,635,471,000 after purchasing an additional 111,386 shares during the period. JPMorgan Chase & Co. increased its stake in Ameriprise Financial by 7.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock valued at $3,347,019,000 after purchasing an additional 446,080 shares in the last quarter. Geode Capital Management LLC increased its stake in Ameriprise Financial by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,818,428 shares of the financial services provider’s stock valued at $1,500,115,000 after purchasing an additional 47,584 shares in the last quarter. Norges Bank acquired a new position in Ameriprise Financial during the second quarter worth $693,736,000. Finally, Boston Partners lifted its stake in shares of Ameriprise Financial by 3.1% in the second quarter. Boston Partners now owns 1,179,876 shares of the financial services provider’s stock valued at $629,650,000 after buying an additional 35,500 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Buying and Selling at Ameriprise Financial

In other news, CEO William F. Truscott sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the completion of the transaction, the chief executive officer directly owned 12,149 shares of the company’s stock, valued at $6,464,239.92. This represents a 29.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $544.22, for a total transaction of $3,809,540.00. Following the sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,052,529.98. The trade was a 55.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,658 shares of company stock worth $8,998,675 over the last three months. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Stock Performance

AMP stock opened at $486.88 on Friday. 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 firm has a market cap of $44.39 billion, a PE ratio of 13.39, a P/E/G ratio of 1.11 and a beta of 1.26. The business has a 50 day moving average of $499.40 and a 200-day moving average of $488.88. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $550.18.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, topping the consensus estimate of $10.33 by $0.50. The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.75 billion. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.54 earnings per share. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Monday, February 9th will be given a $1.60 dividend. The ex-dividend date of this dividend is Monday, February 9th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is currently 17.60%.

Analyst Ratings Changes

Several research firms have recently commented on AMP. Royal Bank Of Canada reissued an “outperform” rating and set a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Morgan Stanley boosted their price objective on Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a report on Monday, December 22nd. Piper Sandler upgraded Ameriprise Financial from an “underweight” rating to a “neutral” rating and raised their target price for the company from $434.00 to $530.00 in a report on Friday, January 30th. Keefe, Bruyette & Woods cut their target price on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a research report on Monday, November 3rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and an average price target of $555.67.

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.