CTC Alternative Strategies Ltd. Makes New $477,000 Investment in Ameriprise Financial, Inc. $AMP

CTC Alternative Strategies Ltd. purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, HoldingsChannel reports. The institutional investor purchased 1,040 shares of the financial services provider’s stock, valued at approximately $477,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMP. SouthState Bank Corp raised its holdings in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 22 shares during the period. Twin Lakes Capital Management LLC bought a new position in Ameriprise Financial during the second quarter worth about $25,000. Cassaday & Co Wealth Management LLC bought a new position in Ameriprise Financial during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial during the second quarter worth approximately $28,000. Finally, Fiduciary Financial Advisors acquired a new position in Ameriprise Financial during the second quarter worth approximately $30,000. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $559.79 on Monday. The firm has a market cap of $50.33 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 0.75 and a beta of 1.14. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The business’s 50 day moving average is $526.87 and its 200-day moving average is $482.40.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the company posted $9.11 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.

Insider Buying and Selling at Ameriprise Financial

In related news, SVP Dawn M. Brockman sold 472 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were 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 of the company’s stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group lifted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Morgan Stanley increased their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Piper Sandler upped their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $555.33.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.