Ameriprise Financial, Inc. (NYSE:AMP) Stake Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 18.6% in the 1st quarter, Holdings Channel reports. The fund owned 3,844,165 shares of the financial services provider’s stock after purchasing an additional 603,267 shares during the period. JPMorgan Chase & Co.’s holdings in Ameriprise Financial were worth $1,685,436,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Retirement Group LLC purchased a new stake in Ameriprise Financial in the 1st quarter worth about $25,000. Redmont Wealth Advisors LLC acquired a new position in Ameriprise Financial in the 1st quarter worth about $28,000. Sound Income Strategies LLC acquired a new position in Ameriprise Financial in the 1st quarter worth about $32,000. Annapolis Financial Services LLC increased its position in Ameriprise Financial by 928.6% in the 1st quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 65 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Ameriprise Financial in the 4th quarter worth about $34,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $438.07, for a total transaction of $657,105.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $4,818,770. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is owned by insiders.

Ameriprise Financial Trading Down 1.7 %

Shares of Ameriprise Financial stock traded down $7.10 during trading on Friday, reaching $410.89. 616,592 shares of the company were exchanged, compared to its average volume of 509,397. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $449.94. The business has a 50-day moving average price of $432.55 and a 200-day moving average price of $416.24. The firm has a market capitalization of $40.81 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 0.65 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping the consensus estimate of $8.10 by $0.29. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. Ameriprise Financial’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $7.25 earnings per share. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 34.91 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were given a dividend of $1.48 per share. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, May 3rd. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMP. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $460.00 to $470.00 and gave the stock a “market perform” rating in a research report on Monday, July 8th. Jefferies Financial Group increased their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a report on Friday, June 28th. Morgan Stanley increased their price objective on Ameriprise Financial from $400.00 to $437.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Royal Bank of Canada increased their price objective on Ameriprise Financial from $470.00 to $480.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Piper Sandler lowered their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $462.89.

Ameriprise Financial Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.