JPMorgan Chase & Co. Has $2.36 Billion Position in Ameriprise Financial, Inc. $AMP

JPMorgan Chase & Co. lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 23.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,804,486 shares of the financial services provider’s stock after selling 1,466,509 shares during the period. JPMorgan Chase & Co. owned approximately 5.17% of Ameriprise Financial worth $2,360,205,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Ameriprise Financial by 0.9% in the second quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock valued at $6,635,471,000 after buying an additional 111,386 shares during the period. Geode Capital Management LLC raised its holdings in shares of Ameriprise Financial by 1.7% during the second quarter. Geode Capital Management LLC now owns 2,818,428 shares of the financial services provider’s stock worth $1,500,115,000 after acquiring an additional 47,584 shares during the period. Norges Bank bought a new stake in Ameriprise Financial in the 2nd quarter valued at $693,736,000. Boston Partners boosted its stake in Ameriprise Financial by 3.1% in the 2nd quarter. Boston Partners now owns 1,179,876 shares of the financial services provider’s stock worth $629,650,000 after purchasing an additional 35,500 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Ameriprise Financial by 29.3% in the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider’s stock worth $474,628,000 after purchasing an additional 219,080 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on AMP shares. Piper Sandler upgraded Ameriprise Financial from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $434.00 to $530.00 in a report on Friday, January 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $605.00 target price (up previously from $580.00) on shares of Ameriprise Financial in a research note on Monday, February 2nd. Argus decreased their price target on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating for the company in a report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $555.67.

Insiders Place Their Bets

In related news, CEO William F. Truscott sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the transaction, the chief executive officer directly owned 12,149 shares of the company’s stock, valued at approximately $6,464,239.92. The trade was a 29.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Walter Stanley Berman sold 7,000 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $544.22, for a total value of $3,809,540.00. Following the completion of the sale, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,052,529.98. This trade represents a 55.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 18,158 shares of company stock worth $9,675,085. Company insiders own 0.57% of the company’s stock.

Ameriprise Financial Trading Up 1.3%

Shares of Ameriprise Financial stock opened at $473.38 on Monday. The stock has a market cap of $43.98 billion, a P/E ratio of 13.02, a P/E/G ratio of 1.11 and a beta of 1.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $552.43. The business’s 50 day moving average is $502.37 and its 200-day moving average is $490.79.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, topping analysts’ consensus estimates of $10.33 by $0.50. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.75 billion. During the same period in the previous year, the company earned $9.54 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, February 9th. Ameriprise Financial’s dividend payout ratio is presently 17.60%.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.