Envestnet Asset Management Inc. Boosts Stake in Ameriprise Financial, Inc. $AMP

Envestnet Asset Management Inc. increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 960.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,352,117 shares of the financial services provider’s stock after acquiring an additional 3,036,128 shares during the period. Envestnet Asset Management Inc.’s holdings in Ameriprise Financial were worth $1,537,817,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AMP. EP Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth $1,704,000. National Pension Service increased its position in Ameriprise Financial by 8.2% during the 4th quarter. National Pension Service now owns 165,543 shares of the financial services provider’s stock valued at $81,172,000 after buying an additional 12,563 shares in the last quarter. Principal Financial Group Inc. raised its stake in Ameriprise Financial by 10.6% in the second quarter. Principal Financial Group Inc. now owns 246,083 shares of the financial services provider’s stock valued at $112,893,000 after buying an additional 23,618 shares during the last quarter. KBC Group NV raised its stake in Ameriprise Financial by 43.7% in the second quarter. KBC Group NV now owns 215,126 shares of the financial services provider’s stock valued at $98,691,000 after buying an additional 65,400 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Ameriprise Financial by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock worth $374,920,000 after acquiring an additional 22,819 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In related news, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’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 directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Price Performance

NYSE AMP traded down $9.47 during trading hours on Wednesday, reaching $502.90. The company’s stock had a trading volume of 728,057 shares, compared to its average volume of 645,344. The firm has a market capitalization of $45.21 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.96 and a beta of 1.14. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-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’s 50-day moving average is $549.54 and its two-hundred day moving average is $491.49.

Ameriprise Financial (NYSE:AMP) last issued its quarterly 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 company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.11 EPS. On average, equities analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on AMP shares. 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 research report on Monday, July 13th. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday. Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Finally, Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $555.33.

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.