Pointe Capital Management LLC Invests $620,000 in Ameriprise Financial, Inc. $AMP

Pointe Capital Management LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,351 shares of the financial services provider’s stock, valued at approximately $620,000.

Several other hedge funds also recently modified their holdings of the company. Essex Financial Services Inc. raised its position in Ameriprise Financial by 2.4% in the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 21 shares during the last quarter. SouthState Bank Corp boosted its stake in shares of Ameriprise Financial by 78.6% during the fourth 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 in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Ameriprise Financial by 5.4% during the second quarter. Geneos Wealth Management Inc. now owns 447 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 23 shares during the last quarter. Optimist Retirement Group LLC grew its holdings in shares of Ameriprise Financial by 3.7% during the third quarter. Optimist Retirement Group LLC now owns 638 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 23 shares during the last quarter. Finally, Boyd Watterson Asset Management LLC OH increased its stake in shares of Ameriprise Financial by 5.2% in the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 484 shares of the financial services provider’s stock valued at $237,000 after buying an additional 24 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Activity

In related news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company’s stock, valued at $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Deirdre Davey Mcgraw sold 2,400 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $560.30 on Wednesday. The stock’s 50 day moving average is $521.48 and its 200 day moving average is $481.98. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The firm has a market cap of $50.37 billion, a P/E ratio of 13.51, a P/E/G ratio of 0.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the firm posted $9.11 EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Piper Sandler raised 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. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Finally, Zacks Research raised shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.