Payden & Rygel Reduces Stock Position in Ameriprise Financial, Inc. $AMP

Payden & Rygel cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 64.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,100 shares of the financial services provider’s stock after selling 2,000 shares during the period. Payden & Rygel’s holdings in Ameriprise Financial were worth $539,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Gabelli Funds LLC increased its stake in Ameriprise Financial by 24.2% during the fourth quarter. Gabelli Funds LLC now owns 5,242 shares of the financial services provider’s stock worth $2,570,000 after acquiring an additional 1,020 shares during the last quarter. Passumpsic Savings Bank bought a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $221,000. North Dakota State Investment Board purchased a new position in shares of Ameriprise Financial in the 4th quarter worth approximately $1,607,000. Soltis Investment Advisors LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter worth approximately $227,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in shares of Ameriprise Financial during the 4th quarter valued at approximately $248,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares in the company, valued at $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent research reports. BMO Capital Markets increased their price target on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Raymond James Financial set a $582.00 price objective on shares of Ameriprise Financial and gave the company a “strong-buy” rating in a research report on Wednesday, February 11th. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Piper Sandler raised their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $543.22.

Ameriprise Financial Price Performance

AMP opened at $471.26 on Tuesday. The business has a fifty day moving average of $454.49 and a 200 day moving average of $473.50. The stock has a market cap of $42.37 billion, a P/E ratio of 11.72, a PEG ratio of 1.11 and a beta of 1.20. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $9.50 earnings per share. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 42.63 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.4%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is 16.91%.

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.