Envestnet Portfolio Solutions Inc. Grows Stock Position in Ameriprise Financial, Inc. $AMP

Envestnet Portfolio Solutions Inc. increased its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 1,634.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,378 shares of the financial services provider’s stock after buying an additional 45,588 shares during the quarter. Envestnet Portfolio Solutions Inc. owned about 0.05% of Ameriprise Financial worth $22,194,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Norges Bank purchased a new position in shares of Ameriprise Financial during the 4th quarter worth about $742,438,000. Dimensional Fund Advisors LP grew its holdings in Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after purchasing an additional 19,731 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Ameriprise Financial by 18.7% during the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock valued at $436,888,000 after purchasing an additional 154,659 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Down 1.8%

Ameriprise Financial stock traded down $9.47 during trading hours on Wednesday, hitting $502.90. The company had a trading volume of 728,057 shares, compared to its average volume of 645,344. The firm has a market cap of $45.21 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a 50-day moving average price of $549.54 and a two-hundred day moving average price of $491.49.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS 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 business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the company posted $9.11 earnings per share. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio is 16.40%.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This trade represents a 39.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on AMP shares. Piper Sandler raised their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Finally, Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $555.33.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.