QRG Capital Management Inc. Grows Stake in Ameriprise Financial, Inc. (NYSE:AMP)

QRG Capital Management Inc. lifted its position in Ameriprise Financial, Inc. (NYSE:AMP) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,859 shares of the financial services provider’s stock after buying an additional 739 shares during the period. QRG Capital Management Inc.’s holdings in Ameriprise Financial were worth $8,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Ameriprise Financial during the fourth quarter valued at $514,539,000. Dimensional Fund Advisors LP lifted its position in shares of Ameriprise Financial by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,015,225 shares of the financial services provider’s stock valued at $385,620,000 after acquiring an additional 35,931 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Ameriprise Financial by 5.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock valued at $247,786,000 after acquiring an additional 32,312 shares in the last quarter. TD Asset Management Inc boosted its holdings in shares of 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 valued at $226,243,000 after purchasing an additional 358,780 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Ameriprise Financial by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 584,707 shares of the financial services provider’s stock valued at $222,089,000 after purchasing an additional 4,811 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMP has been the subject of a number of research reports. Evercore ISI boosted their price target on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. UBS Group lowered their price target on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods boosted their price target on Ameriprise Financial from $460.00 to $470.00 and gave the company a “market perform” rating in a report on Monday, July 8th. Morgan Stanley upped their target price on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Finally, Piper Sandler lowered their target price on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of “Hold” and an average target price of $462.89.

Insider Transactions at Ameriprise Financial

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 sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded down $16.75 during mid-day trading on Tuesday, hitting $429.05. The stock had a trading volume of 1,055,880 shares, compared to its average volume of 476,645. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50 day moving average of $433.25 and a two-hundred day moving average of $415.37. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $449.94. The firm has a market cap of $42.61 billion, a PE ratio of 14.63, a PEG ratio of 0.74 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping the consensus estimate of $8.10 by $0.29. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.15 billion. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm earned $7.25 EPS. Research analysts predict that Ameriprise Financial, Inc. will post 34.91 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a dividend of $1.48 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 annualized dividend and a dividend 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%.

Ameriprise Financial Profile

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.