Radnor Capital Management LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,462 shares of the financial services provider’s stock, valued at approximately $1,482,000.
A number of other large investors also recently made changes to their positions in the company. Fulton Bank N.A. increased its stake in shares of Ameriprise Financial by 7.8% during the second quarter. Fulton Bank N.A. now owns 11,045 shares of the financial services provider’s stock worth $3,669,000 after purchasing an additional 795 shares during the period. Berkshire Asset Management LLC PA bought a new position in shares of Ameriprise Financial during the first quarter worth approximately $279,000. EP Wealth Advisors LLC bought a new position in shares of Ameriprise Financial during the first quarter worth approximately $439,000. Level Four Advisory Services LLC bought a new position in shares of Ameriprise Financial during the first quarter worth approximately $223,000. Finally, Ontario Teachers Pension Plan Board increased its stake in Ameriprise Financial by 8.3% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 4,594 shares of the financial services provider’s stock worth $1,408,000 after acquiring an additional 352 shares during the period. Institutional investors own 82.62% of the company’s stock.
Insider Activity at Ameriprise Financial
In other Ameriprise Financial news, CEO James M. Cracchiolo sold 9,616 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the completion of the sale, the chief executive officer now directly owns 157,103 shares of the company’s stock, valued at approximately $55,614,462. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ameriprise Financial news, CEO James M. Cracchiolo sold 9,616 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the transaction, the chief executive officer now directly owns 157,103 shares in the company, valued at $55,614,462. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Walter Stanley Berman sold 13,042 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the completion of the transaction, the chief financial officer now owns 8,048 shares in the company, valued at $2,829,274.40. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.
Ameriprise Financial Trading Up 0.1 %
Ameriprise Financial (NYSE:AMP – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $7.44 earnings per share for the quarter, topping the consensus estimate of $7.29 by $0.15. Ameriprise Financial had a return on equity of 82.23% and a net margin of 15.94%. The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same period last year, the company posted $5.81 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Sell-side analysts expect that Ameriprise Financial, Inc. will post 29.94 EPS for the current fiscal year.
Ameriprise Financial announced that its Board of Directors has approved a share buyback plan on Wednesday, July 26th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 9.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Ameriprise Financial Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were given a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $0.10. This represents a $5.40 annualized dividend and a dividend yield of 1.54%. Ameriprise Financial’s dividend payout ratio (DPR) is 25.36%.
Wall Street Analysts Forecast Growth
A number of research firms have commented on AMP. Morgan Stanley raised their price objective on Ameriprise Financial from $350.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Friday, August 18th. Royal Bank of Canada raised their price objective on Ameriprise Financial from $385.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. Finally, StockNews.com began coverage on Ameriprise Financial in a research note on Thursday, August 17th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $361.00.
Ameriprise Financial Profile
Ameriprise Financial, Inc, through 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.
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