Ameriprise Financial, Inc. (NYSE:AMP) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC grew its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 3.2% during the first quarter, HoldingsChannel reports. The firm owned 5,573 shares of the financial services provider’s stock after purchasing an additional 175 shares during the quarter. Procyon Advisors LLC’s holdings in Ameriprise Financial were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Ameriprise Financial in the fourth quarter valued at about $514,539,000. First Trust Advisors LP raised its position in Ameriprise Financial by 1,001.2% in the fourth quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock worth $214,266,000 after acquiring an additional 512,884 shares in the last quarter. TD Asset Management Inc raised its position in Ameriprise Financial by 151.5% in the fourth quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock worth $226,243,000 after acquiring an additional 358,780 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in Ameriprise Financial by 104.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock valued at $145,183,000 after acquiring an additional 195,475 shares during the period. Finally, Gillson Capital LP acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $47,511,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AMP shares. Morgan Stanley upped their target price on shares of Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Piper Sandler upped their target price on Ameriprise Financial from $360.00 to $392.00 and gave the company an “underweight” rating in a report on Friday, April 5th. Argus lifted their price target on Ameriprise Financial from $440.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada raised their target price on shares of Ameriprise Financial from $470.00 to $480.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $450.88.

Ameriprise Financial Price Performance

NYSE:AMP opened at $430.21 on Friday. The firm has a market cap of $42.73 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 0.74 and a beta of 1.36. Ameriprise Financial, Inc. has a 12-month low of $306.63 and a 12-month high of $446.32. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.13. The company’s 50-day moving average is $428.10 and its two-hundred day moving average is $409.75.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, topping the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the previous year, the company earned $7.25 EPS. Ameriprise Financial’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts expect that Ameriprise Financial, Inc. will post 34.95 EPS for the current year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a $1.48 dividend. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Friday, May 3rd. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Insider Buying and Selling

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $438.07, for a total transaction of $657,105.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $4,818,770. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.73% of the stock is currently owned by company insiders.

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.