Miracle Mile Advisors LLC Increases Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Miracle Mile Advisors LLC increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 741 shares of the financial services provider’s stock after buying an additional 40 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Ameriprise Financial were worth $348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of AMP. Empirical Finance LLC raised its holdings in shares of Ameriprise Financial by 3.0% in the first 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 during the last quarter. Nomura Holdings Inc. purchased a new stake in Ameriprise Financial in the 4th quarter valued at about $775,000. State Board of Administration of Florida Retirement System boosted its stake in shares of 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 buying an additional 8,693 shares during the last quarter. BDF Gestion purchased a new position in shares of Ameriprise Financial in the 2nd quarter worth approximately $2,836,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Ameriprise Financial by 12.8% in the first quarter. Janney Montgomery Scott LLC now owns 18,797 shares of the financial services provider’s stock valued at $8,242,000 after acquiring an additional 2,139 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMP has been the topic of several research analyst reports. Keefe, Bruyette & Woods cut their price objective on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 30th. UBS Group boosted their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the stock a “buy” rating in a report on Tuesday. Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Piper Sandler lowered their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Finally, The Goldman Sachs Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $485.00 to $476.00 in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $469.67.

Insider Activity

In related news, VP William Davies sold 8,700 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the sale, the vice president now owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.73% of the stock is owned by company insiders.

Ameriprise Financial Price Performance

NYSE AMP opened at $483.97 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The company has a market cap of $48.07 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 0.80 and a beta of 1.35. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $490.23. The firm’s 50-day simple moving average is $439.97 and its two-hundred day simple moving average is $432.73.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, beating 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 company had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the company posted $7.44 EPS. Ameriprise Financial’s revenue was up 9.6% compared to the same quarter last year. Research analysts predict that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s payout ratio is currently 20.15%.

About Ameriprise Financial

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.