Marvin & Palmer Associates Inc. Makes New Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Marvin & Palmer Associates Inc. bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 13,749 shares of the financial services provider’s stock, valued at approximately $7,320,000. Ameriprise Financial accounts for about 5.6% of Marvin & Palmer Associates Inc.’s investment portfolio, making the stock its 3rd largest position.

A number of other hedge funds have also recently modified their holdings of AMP. Paragon Private Wealth Management LLC lifted its stake in shares of Ameriprise Financial by 11.7% during the 4th quarter. Paragon Private Wealth Management LLC now owns 478 shares of the financial services provider’s stock valued at $255,000 after buying an additional 50 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Ameriprise Financial by 13.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 13,762 shares of the financial services provider’s stock worth $7,327,000 after buying an additional 1,681 shares during the last quarter. Moran Wealth Management LLC increased its holdings in shares of Ameriprise Financial by 4.5% in the 4th quarter. Moran Wealth Management LLC now owns 81,417 shares of the financial services provider’s stock worth $43,349,000 after buying an additional 3,482 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ameriprise Financial by 99.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,187 shares of the financial services provider’s stock worth $38,435,000 after buying an additional 36,061 shares during the last quarter. Finally, Simplicity Wealth LLC grew its holdings in Ameriprise Financial by 20.1% during the 4th quarter. Simplicity Wealth LLC now owns 1,053 shares of the financial services provider’s stock valued at $561,000 after purchasing an additional 176 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now directly owns 14,023 shares of the company’s stock, valued at $7,576,486.67. This trade represents a 29.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,636 shares of company stock worth $6,263,989 in the last 90 days. 0.73% of the stock is owned by insiders.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $499.28 on Monday. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market capitalization of $47.99 billion, a P/E ratio of 15.10, a P/E/G ratio of 1.15 and a beta of 1.33. The company’s fifty day moving average price is $536.85 and its two-hundred day moving average price is $518.21.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 10th were paid a $1.48 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.92 annualized dividend and a yield of 1.19%. Ameriprise Financial’s dividend payout ratio is presently 17.91%.

Analysts Set New Price Targets

A number of equities analysts have commented on AMP shares. Morgan Stanley upped their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $625.00 price objective on shares of Ameriprise Financial in a report on Monday, February 3rd. Keefe, Bruyette & Woods raised their price objective on shares of 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 cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. Finally, Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $514.89.

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.