Cove Private Wealth LLC Has $2.25 Million Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

07 Jul 2024, 04:44 by Kim Johansen · The Markets Daily

Cove Private Wealth LLC trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,123 shares of the financial services provider’s stock after selling 523 shares during the quarter. Ameriprise Financial makes up 1.9% of Cove Private Wealth LLC’s portfolio, making the stock its 13th biggest position. Cove Private Wealth LLC’s holdings in Ameriprise Financial were worth $2,246,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gotham Asset Management LLC increased its stake in shares of Ameriprise Financial by 12.3% in the 3rd quarter. Gotham Asset Management LLC now owns 1,096 shares of the financial services provider’s stock valued at $361,000 after acquiring an additional 120 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Ameriprise Financial by 3.8% in the 3rd quarter. AQR Capital Management LLC now owns 62,243 shares of the financial services provider’s stock valued at $20,520,000 after acquiring an additional 2,274 shares during the last quarter. Seven Eight Capital LP increased its stake in shares of Ameriprise Financial by 33.0% in the 3rd quarter. Seven Eight Capital LP now owns 3,641 shares of the financial services provider’s stock valued at $1,200,000 after acquiring an additional 903 shares during the last quarter. Royal London Asset Management Ltd. increased its stake in shares of Ameriprise Financial by 14.0% in the 3rd quarter. Royal London Asset Management Ltd. now owns 39,602 shares of the financial services provider’s stock valued at $13,060,000 after acquiring an additional 4,850 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Ameriprise Financial by 2.4% in the 3rd quarter. Royal Bank of Canada now owns 894,744 shares of the financial services provider’s stock valued at $294,979,000 after acquiring an additional 20,970 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on AMP. Piper Sandler lowered their price target on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research note on Friday, June 28th. Royal Bank of Canada increased their target price on Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Morgan Stanley increased their target price on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group increased their target price on Ameriprise Financial from $437.00 to $488.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Finally, Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $456.22.

Check Out Our Latest Stock Analysis on AMP

Ameriprise Financial Stock Down 0.4 %

Shares of AMP traded down $1.85 during mid-day trading on Friday, hitting $432.15. 232,160 shares of the company’s stock were exchanged, compared to its average volume of 402,892. The company has a market cap of $42.92 billion, a PE ratio of 14.71, a P/E/G ratio of 0.74 and a beta of 1.37. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $446.32. The company has a 50-day simple moving average of $430.62 and a 200 day simple moving average of $412.51. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.56 and a quick ratio of 0.56.

Ameriprise Financial (NYSE:AMP – Get Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping the consensus estimate of $8.10 by $0.29. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $7.25 EPS. On average, research analysts forecast that Ameriprise Financial, Inc. will post 34.92 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Friday, May 3rd. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Insider Activity

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $438.07, for a total value of $657,105.00. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is currently owned by insiders.

Ameriprise Financial Company Profile

(Free Report)

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.