Northcape Wealth Management LLC Invests $596,000 in Ameriprise Financial, Inc. $AMP

Northcape Wealth Management LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, Holdings Channel reports. The firm purchased 1,300 shares of the financial services provider’s stock, valued at approximately $596,000.

Other large investors have also made changes to their positions in the company. SouthState Bank Corp raised its stake in 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. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial in the first quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial in the second quarter valued at about $28,000. Ares Financial Consulting LLC bought a new stake in shares of Ameriprise Financial in the fourth quarter worth about $32,000. Finally, Prosperity Bancshares Inc bought a new stake in shares of Ameriprise Financial in the fourth quarter worth about $33,000. Institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on AMP. Morgan Stanley lifted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. 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. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. BMO Capital Markets lifted their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Finally, Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Trading Down 0.3%

Ameriprise Financial stock opened at $560.71 on Thursday. The firm has a 50-day moving average of $513.75 and a 200-day moving average of $481.33. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $50.41 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 0.76 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $9.11 EPS. On average, equities analysts expect that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the company’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 transaction of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider William Jerryl Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. 0.60% of the stock is owned by company 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.