Gallacher Capital Management LLC Makes New Investment in Ameriprise Financial, Inc. $AMP

Gallacher Capital Management LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, Holdings Channel reports. The fund purchased 1,710 shares of the financial services provider’s stock, valued at approximately $840,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Ameriprise Financial by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock worth $6,635,471,000 after buying an additional 111,386 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Ameriprise Financial by 7.7% during the second quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock valued at $3,347,019,000 after acquiring an additional 446,080 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ameriprise Financial by 1.7% during the second quarter. Geode Capital Management LLC now owns 2,818,428 shares of the financial services provider’s stock worth $1,500,115,000 after purchasing an additional 47,584 shares during the period. Norges Bank bought a new stake in shares of Ameriprise Financial in the second quarter worth $693,736,000. Finally, Boston Partners increased its holdings in Ameriprise Financial by 3.1% in the second quarter. Boston Partners now owns 1,179,876 shares of the financial services provider’s stock valued at $629,650,000 after purchasing an additional 35,500 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $544.61 on Thursday. The firm has a 50 day moving average of $496.25 and a 200-day moving average of $491.95. The company has a market cap of $50.60 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $552.43.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.33 by $0.50. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. Ameriprise Financial’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.54 EPS. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be paid a $1.60 dividend. The ex-dividend date is Monday, February 9th. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 17.60%.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $450.94, for a total transaction of $676,410.00. Following the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $3,382,050. This represents a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on AMP. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. Argus cut their price objective on Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a report on Monday. Piper Sandler upgraded shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $434.00 to $530.00 in a research report on Friday, January 30th. Finally, Evercore ISI reduced their price objective on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $555.67.

Ameriprise Financial Company 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.