Frank Rimerman Advisors LLC Purchases Shares of 1,714 Ameriprise Financial, Inc. (NYSE:AMP)

Frank Rimerman Advisors LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,714 shares of the financial services provider’s stock, valued at approximately $732,000.

Several other hedge funds have also recently modified their holdings of AMP. Empirical Finance LLC increased its stake in Ameriprise Financial by 3.0% during the 1st quarter. Empirical Finance LLC now owns 3,896 shares of the financial services provider’s stock valued at $1,708,000 after purchasing an additional 113 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $775,000. State Board of Administration of Florida Retirement System raised its stake in Ameriprise Financial by 7.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 118,211 shares of the financial services provider’s stock worth $51,828,000 after acquiring an additional 8,693 shares during the last quarter. TD Asset Management Inc lifted its position in Ameriprise Financial by 151.5% during the 4th quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock worth $226,243,000 after acquiring an additional 358,780 shares during the period. Finally, BDF Gestion purchased a new stake in Ameriprise Financial during the 2nd quarter valued at about $2,836,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

NYSE AMP opened at $461.93 on Tuesday. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 0.75 and a beta of 1.35. The stock has a 50-day moving average of $430.48 and a 200 day moving average of $429.03. 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 twelve month low of $306.63 and a twelve month high of $465.82.

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

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a $1.48 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.28%. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

Wall Street Analyst Weigh In

AMP has been the subject of a number of research reports. UBS Group decreased their target price on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods cut their price objective on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 30th. Jefferies Financial Group raised their target price on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Morgan Stanley cut their price target on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. Finally, Piper Sandler reduced their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and a consensus target price of $464.33.

Insider Transactions at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $442.07, for a total value of $3,846,009.00. Following the transaction, the vice president now directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.73% of the company’s stock.

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.