Ameriprise Financial, Inc. $AMP Stock: Kestra Investment Management LLC Decreases Holdings

Kestra Investment Management LLC cut its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 25.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,135 shares of the financial services provider’s stock after selling 2,409 shares during the quarter. Kestra Investment Management LLC’s holdings in Ameriprise Financial were worth $3,513,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Avail Investment Partners LLC boosted its holdings in shares of Ameriprise Financial by 2.6% during the 3rd quarter. Avail Investment Partners LLC now owns 800 shares of the financial services provider’s stock worth $394,000 after buying an additional 20 shares during the period. Parallel Advisors LLC raised its holdings in Ameriprise Financial by 0.5% in the 3rd quarter. Parallel Advisors LLC now owns 4,254 shares of the financial services provider’s stock valued at $2,094,000 after acquiring an additional 20 shares during the period. Novem Group raised its holdings in Ameriprise Financial by 0.9% in the 3rd quarter. Novem Group now owns 2,303 shares of the financial services provider’s stock valued at $1,134,000 after acquiring an additional 21 shares during the period. North Dakota State Investment Board lifted its position in Ameriprise Financial by 0.9% during the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock worth $1,246,000 after acquiring an additional 24 shares during the last quarter. Finally, HBK Sorce Advisory LLC lifted its position in Ameriprise Financial by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 24 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $518.81 on Tuesday. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 1.13. The company has a 50-day simple moving average of $513.81 and a two-hundred day simple moving average of $493.23. The stock has a market capitalization of $45.04 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 1.12 and a beta of 1.13.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the previous year, the company earned $9.92 EPS. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 46.24 EPS for the current year.

Ameriprise Financial declared that its board has approved a stock repurchase plan on Tuesday, September 29th that permits the company to buy back $5.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Share repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio is currently 15.30%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AMP. Bank of America cut Ameriprise Financial from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $570.00 to $445.00 in a report on Monday, October 19th. Raymond James Financial increased their target price on Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 21st. Argus lifted their price target on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Evercore reduced their price target on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Finally, Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average target price of $557.00.

Ameriprise Financial Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products.

The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis.

Ameriprise serves clients primarily in the United States through its network of financial advisors.