PNC Financial Services Group Inc. Increases Holdings in Ameriprise Financial, Inc. $AMP

PNC Financial Services Group Inc. boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 13.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 396,075 shares of the financial services provider’s stock after purchasing an additional 45,923 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.43% of Ameriprise Financial worth $194,572,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Whipplewood Advisors LLC raised its position in Ameriprise Financial by 71.0% during the second quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 22 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Ameriprise Financial by 115.4% during the 2nd quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock valued at $30,000 after buying an additional 30 shares during the last quarter. Winnow Wealth LLC purchased a new position in Ameriprise Financial during the second quarter worth $32,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial in the third quarter worth $32,000. Finally, WFA of San Diego LLC purchased a new stake in shares of Ameriprise Financial in the second quarter valued at $36,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AMP shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a research note on Monday, December 29th. Argus lowered their target price 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. Keefe, Bruyette & Woods reduced their price target on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a research note on Monday, November 3rd. Piper Sandler raised Ameriprise Financial from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $434.00 to $530.00 in a research report on Friday, January 30th. Finally, Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the company a “strong-buy” rating in a report on Wednesday. One 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $555.67.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $473.38 on Monday. The firm’s fifty day simple moving average is $502.37 and its 200 day simple moving average is $490.79. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $552.43. The firm has a market capitalization of $43.98 billion, a price-to-earnings ratio of 13.02, a PEG ratio of 1.11 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 EPS for the quarter, beating the consensus estimate of $10.33 by $0.50. Ameriprise Financial had a return on equity of 63.04% and a net margin of 19.28%.The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.75 billion. During the same period last year, the company posted $9.54 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Insider Activity

In other Ameriprise Financial news, CEO William F. Truscott sold 5,000 shares of the firm’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 completion of the sale, the chief executive officer owned 12,149 shares in the company, valued at $6,464,239.92. This trade represents a 29.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gumer Alvero sold 4,658 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the sale, the insider directly owned 4,621 shares of the company’s stock, valued at $2,508,648.48. The trade was a 50.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,158 shares of company stock valued at $9,675,085 over the last ninety days. 0.57% of the stock is owned by company insiders.

Ameriprise Financial 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.