Eastern Bank Buys New Position in Ameriprise Financial, Inc. (NYSE:AMP)

Eastern Bank purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,399 shares of the financial services provider’s stock, valued at approximately $657,000.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in Ameriprise Financial by 18.6% during 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 purchasing an additional 603,267 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Ameriprise Financial by 10.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock worth $482,588,000 after buying an additional 110,319 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Ameriprise Financial by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 823,249 shares of the financial services provider’s stock worth $351,685,000 after buying an additional 11,060 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Ameriprise Financial by 18.8% in the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock valued at $310,248,000 after acquiring an additional 111,973 shares in the last quarter. Finally, AGF Management Ltd. increased its position in shares of Ameriprise Financial by 35.4% in the second quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock valued at $215,584,000 after acquiring an additional 131,844 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Insider Activity

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 transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AMP shares. The Goldman Sachs Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $485.00 to $476.00 in a research note on Thursday, September 26th. Royal Bank of Canada raised their target price on shares of Ameriprise Financial from $500.00 to $535.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. 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 note 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 note on Friday, June 28th. Finally, Keefe, Bruyette & Woods upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $480.44.

Ameriprise Financial Stock Up 0.2 %

Ameriprise Financial stock opened at $520.47 on Thursday. The company’s 50-day moving average price is $464.19 and its two-hundred day moving average price is $439.06. 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 stock has a market cap of $51.70 billion, a P/E ratio of 17.72, a P/E/G ratio of 0.81 and a beta of 1.35. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $524.89.

Ameriprise Financial (NYSE:AMP) last released its quarterly 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 analysts’ expectations of $4.24 billion. During the same period last year, the firm posted $7.44 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, analysts expect that Ameriprise Financial, Inc. will post 34.92 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.14%. Ameriprise Financial’s dividend 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.