Convergence Investment Partners LLC Purchases New Shares in Ameriprise Financial, Inc. (NYSE:AMP)

Convergence Investment Partners LLC bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 425 shares of the financial services provider’s stock, valued at approximately $226,000.

A number of other institutional investors have also recently modified their holdings of AMP. JPMorgan Chase & Co. grew its position in shares of Ameriprise Financial by 9.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider’s stock valued at $2,013,359,000 after acquiring an additional 358,699 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Ameriprise Financial by 429.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider’s stock valued at $222,103,000 after purchasing an additional 338,298 shares during the period. Assenagon Asset Management S.A. grew its stake in Ameriprise Financial by 816.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 219,180 shares of the financial services provider’s stock valued at $116,698,000 after acquiring an additional 195,271 shares during the period. The Manufacturers Life Insurance Company grew its stake in Ameriprise Financial by 144.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 243,385 shares of the financial services provider’s stock valued at $114,345,000 after acquiring an additional 143,648 shares during the period. Finally, Maj Invest Holding A S grew its stake in Ameriprise Financial by 67.5% in the 4th quarter. Maj Invest Holding A S now owns 352,095 shares of the financial services provider’s stock valued at $187,466,000 after acquiring an additional 141,927 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total value of $523,120.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $5,231,200. This represents a 9.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William F. Truscott sold 6,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the transaction, the chief executive officer now directly owns 14,023 shares of the company’s stock, valued at $7,576,486.67. The trade was a 29.97 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.96% of the company’s stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $548.84 on Thursday. The company has a current ratio of 0.59, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average price of $541.06 and a 200 day moving average price of $508.17. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The stock has a market cap of $53.24 billion, a P/E ratio of 16.60, a PEG ratio of 1.19 and a beta of 1.36.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.55 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Monday, February 10th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 17.91%.

Analysts Set New Price Targets

Several research firms recently issued reports on AMP. Piper Sandler lifted their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods lifted their price target on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. UBS Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $625.00 target price on shares of Ameriprise Financial in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $510.44.

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.