Ritholtz Wealth Management Boosts Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Ritholtz Wealth Management increased its position in Ameriprise Financial, Inc. (NYSE:AMP) by 11.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,964 shares of the financial services provider’s stock after buying an additional 206 shares during the quarter. Ritholtz Wealth Management’s holdings in Ameriprise Financial were worth $922,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empirical Finance LLC raised its position in shares of 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 during the period. Nomura Holdings Inc. purchased a new position in shares of Ameriprise Financial in the fourth quarter valued at about $775,000. State Board of Administration of Florida Retirement System lifted its position in shares of Ameriprise Financial by 7.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 118,211 shares of the financial services provider’s stock valued at $51,828,000 after acquiring an additional 8,693 shares in the last quarter. BDF Gestion purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $2,836,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Ameriprise Financial by 12.8% during the first quarter. Janney Montgomery Scott LLC now owns 18,797 shares of the financial services provider’s stock worth $8,242,000 after purchasing an additional 2,139 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

AMP has been the subject of several recent analyst reports. Piper Sandler dropped their price target 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. Jefferies Financial Group raised their target price 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. Morgan Stanley decreased their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. UBS Group raised their price objective on Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $473.56.

Insider Transactions at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the company’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 in the company, 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. Company insiders own 0.73% of the company’s stock.

Ameriprise Financial Trading Up 0.4 %

Shares of NYSE AMP opened at $504.53 on Tuesday. Ameriprise Financial, Inc. has a 1-year low of $306.63 and a 1-year high of $504.82. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.59 and a quick ratio of 0.59. The business’s 50 day moving average is $448.00 and its two-hundred day moving average is $434.91. The stock has a market capitalization of $50.11 billion, a P/E ratio of 17.17, a PEG ratio of 0.81 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating the consensus estimate of $8.53 by $0.19. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $7.44 EPS. As a group, research analysts expect that Ameriprise Financial, Inc. will post 34.92 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued 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 1.17%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 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.