South Plains Financial Inc. has significantly increased its holdings in Ameriprise Financial Inc. (NYSE: AMP), boosting its stake by 34.6% during the second quarter of the year. According to the latest Form 13F filing with the Securities and Exchange Commission, South Plains now owns 697 shares of the financial services provider after acquiring an additional 179 shares during the quarter. The total holdings are valued at approximately $372,000.
This move reflects a broader trend, as several institutional investors have adjusted their positions in Ameriprise Financial. Whipplewood Advisors LLC raised its stake by 71.0%, now holding 53 shares valued at $28,000 after purchasing an additional 22 shares. Similarly, Salomon & Ludwin LLC increased its holdings by 115.4%, acquiring 56 shares worth $30,000 following a purchase of 30 shares.
In the first quarter, TD Capital Management LLC raised its stake by a remarkable 566.7%, now owning 60 shares valued at $29,000. Wealth Preservation Advisors LLC and Winnow Wealth LLC also entered the market by purchasing new stakes valued at $29,000 and $32,000, respectively. Currently, institutional investors hold approximately 83.95% of Ameriprise Financial’s stock.
Insider Transactions and Stock Performance
In related news, on September 4, 2023, Heather J. Melloh, Executive Vice President of Ameriprise Financial, sold 1,500 shares at an average price of $512.34, amounting to a total transaction of $768,510. Following this sale, Melloh retained 2,562 shares, which are now valued at $1,312,615. This transaction represents a 36.93% reduction in her ownership.
Analysts have noted that 0.73% of Ameriprise Financial’s stock is currently held by insiders, indicating a level of confidence in the company’s future prospects.
As of Monday, Ameriprise Financial shares opened at $447.55. The stock’s performance has shown fluctuations, with a 50-day moving average of $475.21 and a 200-day moving average of $501.62. The market capitalization stands at $41.58 billion, with a price-to-earnings ratio of 13.92 and a beta of 1.28. Over the past year, the stock has reached a low of $396.14 and a high of $582.05.
Recent Earnings and Dividend Announcement
Ameriprise Financial reported its earnings on October 30, 2023, revealing an earnings per share (EPS) of $9.92. This figure exceeded analysts’ expectations, which had projected an EPS of $9.76. The company generated revenues of $4.73 billion, surpassing estimates of $4.51 billion. Compared to the previous year, the quarterly revenue increased by 9.0%, while the firm had posted an EPS of $9.02 during the same period last year.
Analysts are forecasting an average EPS of 38.64 for the current fiscal year, reflecting positive growth expectations for Ameriprise Financial.
Additionally, Ameriprise Financial has announced a quarterly dividend of $1.60, set to be paid on November 24, 2023, to investors on record as of November 10, 2023. The ex-dividend date is also scheduled for November 10, 2023, representing an annualized dividend of $6.40 and a yield of 1.4%. The company’s dividend payout ratio stands at 17.55%.
Ameriprise Financial, along with its subsidiaries, provides a range of financial products and services to both individual and institutional clients globally. The company operates through four main segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.
