Massachusetts Financial Services Co. MA Acquires 18,833 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Massachusetts Financial Services Co. MA boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 9.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 215,965 shares of the financial services provider’s stock after buying an additional 18,833 shares during the period. Massachusetts Financial Services Co. MA owned 0.22% of Ameriprise Financial worth $92,258,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. lifted its holdings in Ameriprise Financial by 18.6% in the first quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after buying an additional 603,267 shares during the period. TD Asset Management Inc lifted its holdings in Ameriprise Financial by 18.8% in the first quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after buying an additional 111,973 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Ameriprise Financial by 5.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock worth $247,786,000 after buying an additional 32,312 shares during the period. First Trust Advisors LP lifted its holdings in Ameriprise Financial by 1,001.2% in the fourth quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock worth $214,266,000 after buying an additional 512,884 shares during the period. Finally, AGF Management Ltd. lifted its holdings in Ameriprise Financial by 35.4% in the second quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after buying an additional 131,844 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP William Davies sold 8,700 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the sale, the vice president now owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Ameriprise Financial Trading Down 0.2 %

NYSE:AMP opened at $451.33 on Thursday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.16. Ameriprise Financial, Inc. has a 12 month low of $306.63 and a 12 month high of $458.23. The company has a market cap of $44.83 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The company has a 50 day simple moving average of $429.39 and a two-hundred day simple moving average of $427.90.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $7.44 EPS. The firm’s revenue was up 9.6% on a year-over-year basis. Research analysts forecast that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s payout ratio is 20.15%.

Analysts Set New Price Targets

Several brokerages have commented on AMP. Morgan Stanley lowered their price objective on shares of Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. Keefe, Bruyette & Woods lowered their target price on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a report on Tuesday, July 30th. UBS Group lowered their target price on shares of Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Piper Sandler lowered their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Finally, Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. One investment 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, Ameriprise Financial has an average rating of “Hold” and an average target price of $464.33.

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.