Beacon Pointe Advisors LLC Lowers Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Beacon Pointe Advisors LLC cut its position in Ameriprise Financial, Inc. (NYSE:AMP) by 25.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,463 shares of the financial services provider’s stock after selling 824 shares during the period. Beacon Pointe Advisors LLC’s holdings in Ameriprise Financial were worth $1,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP increased its stake in Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider’s stock worth $46,000 after buying an additional 52 shares in the last quarter. Prosperity Consulting Group LLC grew its stake in Ameriprise Financial by 1.9% during the fourth quarter. Prosperity Consulting Group LLC now owns 2,086 shares of the financial services provider’s stock valued at $1,111,000 after acquiring an additional 38 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Ameriprise Financial in the 4th quarter valued at $1,728,000. DE Burlo Group Inc. purchased a new stake in Ameriprise Financial in the 4th quarter worth $3,748,000. Finally, Virtus ETF Advisers LLC boosted its holdings in shares of Ameriprise Financial by 11.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 2,237 shares of the financial services provider’s stock valued at $1,191,000 after purchasing an additional 223 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Piper Sandler boosted their target price on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research report on Friday, January 31st. Morgan Stanley raised their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Raymond James upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price objective on the stock in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods dropped their target price on Ameriprise Financial from $520.00 to $510.00 and set a “market perform” rating for the company in a report on Tuesday. One equities 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $509.67.

Ameriprise Financial Stock Down 0.0 %

NYSE:AMP opened at $470.84 on Friday. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $481.46 and a 200-day simple moving average of $521.33.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating analysts’ consensus estimates of $9.08 by $0.42. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $8.39 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be issued a $1.60 dividend. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.36%. Ameriprise Financial’s payout ratio is presently 21.75%.

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

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $5,231,200. This trade represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William F. Truscott sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now directly owns 14,023 shares of the company’s stock, valued at $7,576,486.67. This trade represents a 29.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,636 shares of company stock valued at $6,263,989 over the last quarter. 0.57% of the stock is owned by corporate insiders.

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.