Net Worth Advisory Group Makes New Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Net Worth Advisory Group bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,916 shares of the financial services provider's stock, valued at approximately $1,370,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in 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 valued at $1,685,436,000 after purchasing an additional 603,267 shares during the last quarter. Swedbank AB acquired a new stake in Ameriprise Financial in the 1st quarter valued at approximately $108,938,000. Maj Invest Holding A S acquired a new stake in Ameriprise Financial in the 3rd quarter valued at approximately $98,742,000. AGF Management Ltd. increased its position in Ameriprise Financial by 35.4% in the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider's stock valued at $215,584,000 after acquiring an additional 131,844 shares during the period. Finally, TD Asset Management Inc increased its position in Ameriprise Financial by 18.8% in the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider's stock valued at $310,248,000 after acquiring an additional 111,973 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMP has been the topic of several analyst reports. The Goldman Sachs Group cut Ameriprise Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $485.00 to $476.00 in a research report on Thursday, September 26th. Piper Sandler dropped their price objective on Ameriprise Financial from $390.00 to $387.00 and set an "underweight" rating on the stock in a research note on Friday, June 28th. Morgan Stanley boosted their price objective on Ameriprise Financial from $440.00 to $502.00 and gave the stock an "equal weight" rating in a research note on Thursday. Keefe, Bruyette & Woods upgraded Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price target on Ameriprise Financial from $500.00 to $535.00 and gave the company an "outperform" rating in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $480.44.

Insider Buying and Selling at Ameriprise Financial

In other news, VP William Davies sold 8,700 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total value of $3,846,009.00. Following the sale, the vice president now directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded up $1.75 during trading hours on Friday, hitting $523.16. 480,121 shares of the company's stock were exchanged, compared to its average volume of 471,931. Ameriprise Financial, Inc. has a 1-year low of $306.63 and a 1-year high of $524.89. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $51.96 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 0.81 and a beta of 1.35. The company's 50-day moving average price is $457.59 and its 200-day moving average price is $437.20.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The business had revenue of $4.39 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter in the previous year, the firm earned $7.44 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 34.92 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.13%. Ameriprise Financial's dividend payout ratio 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.