Redwood Investment Management LLC Acquires New Shares in Ameriprise Financial, Inc. $AMP

Redwood Investment Management LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,576 shares of the financial services provider’s stock, valued at approximately $1,182,000.

Other large investors have also recently added to or reduced their stakes in the company. SouthState Bank Corp boosted its holdings in shares of Ameriprise Financial by 78.6% during the fourth 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 stake in Ameriprise Financial in the 1st quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial in the 2nd quarter valued at about $28,000. Fiduciary Financial Advisors acquired a new position in Ameriprise Financial during the 2nd quarter valued at about $30,000. Finally, Ares Financial Consulting LLC bought a new position in Ameriprise Financial in the 4th quarter worth about $32,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Piper Sandler raised their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $555.33.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 11,012 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Ameriprise Financial Price Performance

NYSE AMP opened at $561.04 on Thursday. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month 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 firm has a market capitalization of $50.44 billion, a PE ratio of 13.53, a P/E/G ratio of 0.75 and a beta of 1.14. The company’s 50 day simple moving average is $523.27 and its 200 day simple moving average is $482.17.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion for 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%.The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.11 earnings per share. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial Profile

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.