Ameriprise Financial, Inc. $AMP Stock Position Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 716,776 shares of the financial services provider’s stock after selling 7,237 shares during the period. Bank of New York Mellon Corp’s holdings in Ameriprise Financial were worth $318,535,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. PFG Investments LLC raised its holdings in shares of Ameriprise Financial by 1.4% in the 4th quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider’s stock worth $729,000 after purchasing an additional 21 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings in Ameriprise Financial by 3.6% in the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 21 shares during the period. EPG Wealth Management LLC lifted its holdings in shares of Ameriprise Financial by 0.8% during the fourth quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider’s stock worth $1,331,000 after buying an additional 21 shares during the last quarter. Essex Financial Services Inc. grew its holdings in shares of Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock worth $443,000 after purchasing an additional 21 shares in the last quarter. Finally, SouthState Bank Corp raised its holdings in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after buying an additional 22 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

AMP stock opened at $527.91 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The firm’s fifty day moving average is $470.45 and its 200 day moving average is $473.87. The firm has a market cap of $47.46 billion, a P/E ratio of 13.13, a P/E/G ratio of 0.95 and a beta of 1.16. 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 quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. The firm had revenue of $4.77 billion during 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 quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $9.50 earnings per share. Research analysts predict that Ameriprise Financial, Inc. will post 43.74 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $1.70 dividend. The ex-dividend date was Monday, May 4th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.91%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AMP. BMO Capital Markets lifted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research note on Friday, April 10th. They set a “hold” rating for the company. Morgan Stanley lifted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. Weiss Ratings downgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Finally, Piper Sandler increased their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average target price of $553.67.

Insider Activity

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction on 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 transaction, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the sale, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. The trade was a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company’s stock.

About Ameriprise Financial

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.