Elevation Point Wealth Partners LLC Raises Stock Holdings in Ameriprise Financial, Inc. $AMP

Elevation Point Wealth Partners LLC increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 50.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,448 shares of the financial services provider’s stock after acquiring an additional 2,833 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Ameriprise Financial were worth $3,754,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. PFG Investments LLC raised its stake in shares of Ameriprise Financial by 1.4% in the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider’s stock valued at $729,000 after buying an additional 21 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of Ameriprise Financial by 3.6% during the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 21 shares during the period. EPG Wealth Management LLC increased its holdings in Ameriprise Financial by 0.8% in the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider’s stock worth $1,331,000 after acquiring an additional 21 shares during the last quarter. Essex Financial Services Inc. increased its holdings in Ameriprise Financial by 2.4% in the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 21 shares during the last quarter. Finally, SouthState Bank Corp raised its stake in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 22 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on AMP. Weiss Ratings downgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Piper Sandler lifted their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. BMO Capital Markets upped their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Finally, Keefe, Bruyette & Woods started coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $543.22.

Ameriprise Financial Trading Down 0.1%

Shares of AMP opened at $488.68 on Friday. The business’s 50-day moving average price is $461.75 and its 200-day moving average price is $472.50. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18. The stock has a market cap of $43.93 billion, a PE ratio of 12.15, a P/E/G ratio of 1.02 and a beta of 1.16. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $9.50 earnings per share. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 43.01 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 paid a $1.70 dividend. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.4%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio is currently 16.91%.

Insider Activity at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the transaction, the director owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. The trade was a 50.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.60% of the company’s stock.

Ameriprise Financial Company 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.