Envestnet Portfolio Solutions Inc. Acquires 45,588 Shares of Ameriprise Financial, Inc. $AMP

Envestnet Portfolio Solutions Inc. lifted its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1,634.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 48,378 shares of the financial services provider’s stock after purchasing an additional 45,588 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Ameriprise Financial were worth $22,194,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after buying an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after acquiring an additional 3,036,128 shares in the last quarter. Norges Bank bought a new stake in Ameriprise Financial during the 4th quarter valued at $742,438,000. Bank of America Corp DE purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at $320,948,000. Finally, Legal & General Group Plc purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at $262,687,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Down 1.8%

NYSE AMP traded down $9.47 during trading on Wednesday, hitting $502.90. The company’s stock had a trading volume of 728,057 shares, compared to its average volume of 645,344. 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 $45.21 billion, a PE ratio of 12.13, a P/E/G ratio of 0.96 and a beta of 1.14. The business’s 50 day simple moving average is $549.54 and its 200-day simple moving average is $491.49. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

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 the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $9.11 earnings per share. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were paid a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group upped their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price 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. Piper Sandler boosted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $555.33.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction 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 transaction, the insider owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction on 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 sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.