Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP) by 23.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 287,750 shares of the financial services provider’s stock after selling 86,841 shares during the period. Lord Abbett & CO. LLC owned about 0.30% of Ameriprise Financial worth $153,207,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AMP. Howard Capital Management Group LLC increased its position in shares of Ameriprise Financial by 11.1% during the third quarter. Howard Capital Management Group LLC now owns 1,787 shares of the financial services provider’s stock worth $840,000 after purchasing an additional 178 shares in the last quarter. Morse Asset Management Inc acquired a new stake in shares of Ameriprise Financial in the third quarter valued at about $940,000. Passumpsic Savings Bank purchased a new position in shares of Ameriprise Financial in the third quarter worth about $211,000. Anchor Investment Management LLC boosted its position in Ameriprise Financial by 3,275.0% during the third quarter. Anchor Investment Management LLC now owns 270 shares of the financial services provider’s stock worth $127,000 after acquiring an additional 262 shares during the last quarter. Finally, World Investment Advisors LLC purchased a new stake in Ameriprise Financial during the 3rd quarter valued at about $659,000. 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, insider Joseph Edward Sweeney sold 4,636 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the sale, the insider now owns 7,237 shares in the company, valued at $3,901,249.59. This represents a 39.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total value of $523,120.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $5,231,200. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,636 shares of company stock valued at $6,263,989. 0.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMP. Raymond James upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a report on Monday, April 7th. Piper Sandler boosted their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research note on Friday, January 31st. Morgan Stanley raised their target price on Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods reduced their price target on Ameriprise Financial from $570.00 to $520.00 and set a “market perform” rating on the stock in a report on Wednesday, April 9th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $625.00 price objective on shares of Ameriprise Financial in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $517.44.

Ameriprise Financial Stock Up 0.3 %

Shares of NYSE:AMP opened at $473.04 on Friday. The company has a market capitalization of $45.32 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The business has a 50-day moving average price of $488.46 and a 200 day moving average price of $522.22. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping the consensus estimate of $9.17 by $0.33. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has approved a share buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 10th were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Monday, February 10th. Ameriprise Financial’s payout ratio is 17.91%.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.