Argus Investors Counsel Inc. Increases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Argus Investors Counsel Inc. raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 568 shares of the financial services provider’s stock after buying an additional 35 shares during the period. Argus Investors Counsel Inc.’s holdings in Ameriprise Financial were worth $267,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in shares of Ameriprise Financial by 18.6% in the first quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after purchasing an additional 603,267 shares in the last quarter. Swedbank AB purchased a new stake in shares of Ameriprise Financial in the first quarter worth $108,938,000. Maj Invest Holding A S purchased a new stake in shares of Ameriprise Financial in the third quarter worth $98,742,000. AGF Management Ltd. increased its stake in shares of Ameriprise Financial by 35.4% in the second quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after purchasing an additional 131,844 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of Ameriprise Financial by 18.8% in the first quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after purchasing an additional 111,973 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research reports. Jefferies Financial Group upped their target price on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada upped their target price on shares of Ameriprise Financial from $500.00 to $535.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. The Goldman Sachs Group lowered shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $485.00 to $476.00 in a research report on Thursday, September 26th. Piper Sandler dropped their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research report on Friday, June 28th. Finally, Morgan Stanley upped their target price on shares of Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $480.44.

Insider Buying and Selling

In other news, VP William Davies sold 8,700 shares of Ameriprise Financial stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $442.07, for a total value of $3,846,009.00. Following the sale, the vice president now owns 13,199 shares in the company, valued at $5,834,881.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Down 0.5 %

Shares of NYSE AMP traded down $2.68 during midday trading on Tuesday, reaching $519.96. 71,950 shares of the company’s stock traded hands, compared to its average volume of 469,424. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The stock’s 50 day simple moving average is $459.95 and its 200-day simple moving average is $437.89. Ameriprise Financial, Inc. has a one year low of $306.63 and a one year high of $524.89. The company has a market cap of $51.65 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 0.81 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm earned $7.44 earnings per share. On average, analysts predict that Ameriprise Financial, Inc. will post 34.92 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a dividend of $1.48 per share. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.14%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 20.15%.

About Ameriprise Financial

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.