Ameriprise Financial, Inc. $AMP Position Lifted by Allstate Corp

Allstate Corp raised its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 104.7% during the fourth quarter, HoldingsChannel reports. The fund owned 7,740 shares of the financial services provider’s stock after acquiring an additional 3,958 shares during the quarter. Allstate Corp’s holdings in Ameriprise Financial were worth $3,795,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its holdings in shares of Ameriprise Financial by 75.5% during the fourth quarter. Fisher Asset Management LLC now owns 802 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 345 shares during the period. Clearstead Trust LLC raised its holdings in shares of Ameriprise Financial by 40.6% during the fourth quarter. Clearstead Trust LLC now owns 97 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 28 shares during the period. Clearstead Advisors LLC raised its holdings in shares of Ameriprise Financial by 13.9% during the fourth quarter. Clearstead Advisors LLC now owns 4,194 shares of the financial services provider’s stock worth $2,057,000 after purchasing an additional 511 shares during the period. Glenview Trust Co raised its holdings in shares of Ameriprise Financial by 0.5% during the fourth quarter. Glenview Trust Co now owns 15,224 shares of the financial services provider’s stock worth $7,465,000 after purchasing an additional 74 shares during the period. Finally, Hantz Financial Services Inc. raised its holdings in shares of Ameriprise Financial by 26.8% during the fourth quarter. Hantz Financial Services Inc. now owns 180 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 38 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AMP shares. BMO Capital Markets increased their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Piper Sandler increased their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Raymond James Financial set a $582.00 target price on shares of Ameriprise Financial and gave the stock a “strong-buy” rating in a report on Wednesday, February 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. Finally, Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $543.22.

Ameriprise Financial Stock Down 2.8%

AMP stock opened at $442.53 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The firm’s 50-day simple moving average is $454.98 and its 200 day simple moving average is $473.30. The stock has a market cap of $39.78 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.07 and a beta of 1.20.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the company earned $9.50 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 42.63 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were issued a $1.70 dividend. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. Ameriprise Financial’s dividend payout ratio is 16.91%.

Insider Transactions at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. This trade represents a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their position. The SEC filing for this sale provides additional information. 0.60% of the stock is owned by company insiders.

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.