Rakuten Investment Management Inc. Buys Shares of 23,026 Ameriprise Financial, Inc. $AMP

Rakuten Investment Management Inc. purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,026 shares of the financial services provider’s stock, valued at approximately $11,312,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whipplewood Advisors LLC raised its position in Ameriprise Financial by 71.0% during the 2nd quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock worth $28,000 after buying an additional 22 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in Ameriprise Financial by 115.4% during the second quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 30 shares in the last quarter. Winnow Wealth LLC purchased a new position in Ameriprise Financial during the second quarter worth about $32,000. Heartwood Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the third quarter valued at about $32,000. Finally, WFA of San Diego LLC purchased a new stake in Ameriprise Financial in the 2nd quarter valued at approximately $36,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $450.94, for a total value of $676,410.00. Following the sale, the director owned 7,500 shares of the company’s stock, valued at approximately $3,382,050. This represents a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on AMP shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. Morgan Stanley boosted their target price on shares of Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a research report on Monday, December 22nd. Argus lowered their price target on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Evercore ISI reduced their price objective on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a research note on Thursday, October 9th. Finally, BMO Capital Markets started coverage on shares of Ameriprise Financial in a report on Friday, October 3rd. They set a “market perform” rating and a $525.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $528.75.

Ameriprise Financial Trading Up 2.2%

NYSE:AMP opened at $503.64 on Thursday. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.88. The stock has a fifty day simple moving average of $482.97 and a 200-day simple moving average of $493.40. The company has a market capitalization of $46.79 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.27 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $9.92 EPS for the quarter, beating analysts’ consensus estimates of $9.76 by $0.16. The firm had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.51 billion. Ameriprise Financial had a net margin of 20.12% and a return on equity of 64.97%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company earned $9.02 EPS. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 10th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, November 10th. Ameriprise Financial’s dividend payout ratio (DPR) is 17.55%.

About Ameriprise Financial

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.