OP Asset Management Ltd Purchases New Holdings in Ameriprise Financial, Inc. $AMP

OP Asset Management Ltd purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 9,790 shares of the financial services provider’s stock, valued at approximately $4,351,000.

Several other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Ameriprise Financial during the 4th quarter worth approximately $742,438,000. AQR Capital Management LLC grew its stake in shares of Ameriprise Financial by 84.2% in the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after buying an additional 496,319 shares in the last quarter. M&T Bank Corp grew its stake in shares of Ameriprise Financial by 1,440.2% in the fourth quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider’s stock valued at $228,572,000 after buying an additional 435,885 shares in the last quarter. First Trust Advisors LP increased its holdings in Ameriprise Financial by 85.5% during the fourth quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock worth $406,216,000 after buying an additional 381,754 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in Ameriprise Financial by 140.5% during the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock worth $231,805,000 after acquiring an additional 275,659 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $452.88 on Friday. The company has a market cap of $40.71 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 0.96 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a fifty day moving average price of $460.54 and a 200-day moving average price of $473.07.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial’s revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the business earned $9.50 earnings per share. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 42.69 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.5%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is 16.91%.

Insider Activity

In other news, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This represents a 50.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the sale, the director owned 6,300 shares in the company, valued at $2,934,729. This represents a 16.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMP. Morgan Stanley increased their price target on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods started coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They set a “hold” rating on the stock. Piper Sandler upped their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a report on Monday, May 4th. BMO Capital Markets lifted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Finally, Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ameriprise Financial has an average rating of “Hold” and a consensus price target of $543.22.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.