Cornerstone Wealth Group LLC Makes New $224,000 Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Cornerstone Wealth Group LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the first quarter, Holdings Channel.com reports. The fund bought 510 shares of the financial services provider’s stock, valued at approximately $224,000.

A number of other institutional investors also recently modified their holdings of AMP. Sound Income Strategies LLC acquired a new position in shares of Ameriprise Financial during the first quarter worth approximately $32,000. Annapolis Financial Services LLC raised its position in shares of Ameriprise Financial by 928.6% during the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 65 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $34,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $34,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $39,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $438.07, for a total value of $657,105.00. Following 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 accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of analyst reports. 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 report on Friday. Raymond James assumed coverage on Ameriprise Financial in a research note on Thursday, March 21st. They set a “market perform” rating for the company. Morgan Stanley increased their price target 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 price target 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, Jefferies Financial Group increased their price target on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $456.22.

Ameriprise Financial Price Performance

NYSE AMP traded down $3.15 during trading hours on Friday, hitting $427.19. The company had a trading volume of 1,293,190 shares, compared to its average volume of 421,545. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $446.32. The firm has a 50 day simple moving average of $428.66 and a 200 day simple moving average of $410.60. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $42.43 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 0.73 and a beta of 1.36.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, topping the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the company earned $7.25 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. Equities research analysts expect that Ameriprise Financial, Inc. will post 34.95 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were issued a $1.48 dividend. The ex-dividend date was Friday, May 3rd. This represents a $5.92 annualized dividend and a dividend yield of 1.39%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. 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.