Joseph Edward Sweeney, President of AWM Products & Services at Ameriprise Financial Inc. (NYSE:AMP (OTC:AMLTF)), reported significant stock transactions, according to a recent SEC filing. On November 8, Sweeney sold a total of 10,735 shares of Ameriprise common stock, generating approximately $5.9 million. The sales were executed at prices ranging from $548.50 to $551.45 per share.
In addition to these sales, Sweeney also exercised stock options, acquiring 24,485 shares at a price of $126.89 per share. The total value of this transaction was approximately $3.1 million. Additionally, Sweeney disposed of 15,100 shares to cover tax obligations, valued at around $8.3 million, priced at $551.48 per share.
Following these transactions, Sweeney holds 5,811 shares directly, with an additional 293.04 shares held indirectly through a 401(k) plan.
In other recent news, Ameriprise Financial has been experiencing notable developments. The company's third-quarter 2024 earnings prompted Morgan Stanley (NYSE:MS) to raise its price target to $509, maintaining an Equalweight rating. This adjustment came after a slight decrease in the fourth-quarter 2024 EPS estimate and a minor reduction in the 2025 forecast, while the 2026 EPS projection saw an increase. Similarly, CFRA raised its price target for Ameriprise Financial to $575, maintaining a Buy rating. This adjustment reflects the company's robust financial performance and growth prospects.
Ameriprise Financial reported a significant 22% increase in assets under management and administration, reaching $1.5 trillion. This was accompanied by an 11% rise in adjusted operating net revenue, which reached $4.4 billion. The firm's earnings per share grew by 17%, excluding severance expenses, and return on equity was robust at 50.7%, marking an increase from the previous year.
In line with these developments, Ameriprise Financial plans to introduce new savings and lending products. The company aims to return 80% of capital to shareholders in 2024, with similar expectations for 2025. Despite experiencing net outflows of $2.4 billion in the Asset Management segment, the Wealth Management segment achieved record client assets, with net inflows over the past year totaling $46 billion. These are some of the recent developments shaping the future of Ameriprise Financial.
InvestingPro Insights
The recent stock transactions by Joseph Edward Sweeney at Ameriprise Financial Inc. (NYSE:AMP) come at a time when the company's stock is performing exceptionally well. According to InvestingPro data, AMP has seen a remarkable 69.79% price total return over the past year, and is currently trading near its 52-week high, with the price at 98.32% of its peak.
This strong performance is reflected in several InvestingPro Tips. For instance, AMP has maintained dividend payments for 20 consecutive years and has even raised its dividend for the same period, demonstrating a commitment to shareholder returns. The company's financial health appears robust, with liquid assets exceeding short-term obligations.
The stock's valuation metrics are noteworthy, with a P/E ratio of 21.18 and a Price to Book ratio of 9.5 for the last twelve months as of Q3 2024. While these figures suggest a premium valuation, they may be justified by the company's strong financial performance, including a revenue growth of 11.49% and an impressive operating income margin of 34.03% for the same period.
Investors considering AMP might be interested to know that InvestingPro offers 13 additional tips for this stock, providing a more comprehensive analysis of its investment potential. These insights could be particularly valuable given the stock's recent performance and the insider transactions reported.
Joseph Edward Sweeney, President of AWM Products & Services at Ameriprise Financial Inc. (NYSE:AMP), reported significant stock transactions, according to a recent SEC filing. On November 8, Sweeney sold a total of 10,735 shares of Ameriprise common stock, generating approximately $5.9 million. The sales were executed at prices ranging from $548.50 to $551.45 per share.
In addition to these sales, Sweeney also exercised stock options, acquiring 24,485 shares at a price of $126.89 per share. The total value of this transaction was approximately $3.1 million. Additionally, Sweeney disposed of 15,100 shares to cover tax obligations, valued at around $8.3 million, priced at $551.48 per share.
Following these transactions, Sweeney holds 5,811 shares directly, with an additional 293.04 shares held indirectly through a 401(k) plan.
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