Punch & Associates Investment Management Inc. Purchases New Position in Ameriprise Financial, Inc. $AMP

Punch & Associates Investment Management Inc. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 2,507 shares of the financial services provider’s stock, valued at approximately $1,150,000.

A number of other hedge funds have also bought and sold shares of AMP. SouthState Bank Corp raised its holdings in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 22 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in shares of Ameriprise Financial in the first quarter worth $28,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ameriprise Financial in the second quarter worth $28,000. Fiduciary Financial Advisors purchased a new position in shares of Ameriprise Financial in the second quarter valued at $30,000. Finally, Ares Financial Consulting LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter valued at $32,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Up 0.1%

Ameriprise Financial stock opened at $561.04 on Thursday. The stock has a market cap of $50.44 billion, a P/E ratio of 13.53, a PEG ratio of 0.75 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 firm’s fifty day moving average price is $523.27 and its 200-day moving average price is $482.17. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

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

Ameriprise Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMP. Jefferies Financial Group increased their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Two 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 company. According to MarketBeat.com, Ameriprise Financial currently has an average rating of “Moderate Buy” and a consensus price target of $555.33.

Insiders Place Their Bets

In other news, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Dawn M. Brockman sold 472 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by 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.