Balyasny Asset Management L.P. Invests $633,000 in Ameriprise Financial, Inc. (NYSE:AMP)

Balyasny Asset Management L.P. bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,189 shares of the financial services provider’s stock, valued at approximately $633,000.

Several other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 12.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock worth $2,556,683,000 after acquiring an additional 516,437 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider’s stock worth $1,407,607,000 after acquiring an additional 38,141 shares in the last quarter. Norges Bank bought a new position in shares of Ameriprise Financial in the 4th quarter worth approximately $689,272,000. Northern Trust Corp raised its position in shares of Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock worth $675,344,000 after acquiring an additional 209,549 shares in the last quarter. Finally, Amundi raised its position in shares of Ameriprise Financial by 48.0% in the 4th quarter. Amundi now owns 642,226 shares of the financial services provider’s stock worth $343,546,000 after acquiring an additional 208,195 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In other news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares in the company, valued at $3,901,249.59. This trade represents a 39.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

AMP has been the subject of several research reports. Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research report on Wednesday, May 7th. Royal Bank of Canada raised their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley raised their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. Finally, Raymond James raised Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price objective for the company in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and an average price target of $517.13.

Ameriprise Financial Stock Performance

Shares of AMP opened at $519.22 on Friday. The business’s fifty day simple moving average is $478.40 and its two-hundred day simple moving average is $520.10. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a market cap of $49.44 billion, a price-to-earnings ratio of 15.71, a P/E/G ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period last year, the business posted $8.39 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has approved a share buyback program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be paid a $1.60 dividend. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial Company Profile

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.