Massachusetts Financial Services Co. MA Increases Stake in Ameriprise Financial, Inc. $AMP

Massachusetts Financial Services Co. MA increased its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 10.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 306,997 shares of the financial services provider’s stock after purchasing an additional 28,531 shares during the period. Massachusetts Financial Services Co. MA owned 0.34% of Ameriprise Financial worth $146,701,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. SouthState Bank Corp increased its stake in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 22 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the first quarter worth $28,000. Ares Financial Consulting LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $32,000. Prosperity Bancshares Inc purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at $33,000. Finally, WFA of San Diego LLC purchased a new stake in shares of Ameriprise Financial during the second quarter valued at $36,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other news, EVP Deirdre Davey Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares of the company’s stock, valued at $1,883,078.44. The trade was a 41.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on AMP. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. 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 research report on Friday, April 24th. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $555.33.

Ameriprise Financial Stock Down 0.1%

AMP stock opened at $570.06 on Friday. The firm’s fifty day simple moving average is $507.03 and its 200-day simple moving average is $480.30. The company has a market capitalization of $51.25 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $9.11 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 3rd. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

About Ameriprise Financial

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.