Ellevest Inc. Cuts Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Ellevest Inc. lessened its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 4.2% in the fourth quarter, HoldingsChannel reports. The fund owned 836 shares of the financial services provider’s stock after selling 37 shares during the period. Ellevest Inc.’s holdings in Ameriprise Financial were worth $445,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its holdings in Ameriprise Financial by 9.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider’s stock worth $2,013,359,000 after buying an additional 358,699 shares during the period. CWA Asset Management Group LLC bought a new stake in Ameriprise Financial in the fourth quarter valued at $204,000. Wealth Enhancement Advisory Services LLC increased its position in Ameriprise Financial by 0.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 32,363 shares of the financial services provider’s stock valued at $17,231,000 after purchasing an additional 126 shares during the period. ST Germain D J Co. Inc. raised its holdings in Ameriprise Financial by 30.7% in the 4th quarter. ST Germain D J Co. Inc. now owns 1,427 shares of the financial services provider’s stock worth $760,000 after purchasing an additional 335 shares in the last quarter. Finally, Hilltop National Bank lifted its position in shares of Ameriprise Financial by 2.6% in the 4th quarter. Hilltop National Bank now owns 5,047 shares of the financial services provider’s stock worth $2,687,000 after purchasing an additional 128 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the sale, the insider now owns 7,237 shares in the company, valued at approximately $3,901,249.59. This trade represents a 39.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $492.09 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $47.15 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The company’s 50-day moving average is $476.70 and its 200 day moving average is $519.86.

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

Ameriprise Financial announced that its board has initiated a share buyback plan on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be issued a dividend of $1.60 per share. 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 1.30%. The ex-dividend date is Monday, May 5th. Ameriprise Financial’s dividend payout ratio is presently 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.