Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,626 shares of the financial services provider’s stock after selling 51 shares during the period. MainStreet Investment Advisors LLC’s holdings in Ameriprise Financial were worth $1,931,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of Ameriprise Financial by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock worth $2,556,683,000 after purchasing an additional 516,437 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider’s stock valued at $1,407,607,000 after acquiring an additional 38,141 shares during the period. Norges Bank acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $689,272,000. Northern Trust Corp increased its position in shares of Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock valued at $675,344,000 after acquiring an additional 209,549 shares during the period. Finally, Amundi increased its position in shares of Ameriprise Financial by 48.0% in the 4th quarter. Amundi now owns 642,226 shares of the financial services provider’s stock valued at $343,546,000 after acquiring an additional 208,195 shares during the period. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Trading Up 0.9%

AMP stock opened at $520.49 on Wednesday. The company’s 50-day simple moving average is $477.17 and its 200-day simple moving average is $520.05. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The firm has a market cap of $49.56 billion, a P/E ratio of 15.74, a PEG ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. During the same period in the prior year, the company posted $8.39 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share buyback program on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be paid a $1.60 dividend. The ex-dividend date is Monday, May 5th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a yield of 1.23%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 21.75%.

Insider Activity at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares of the company’s stock, valued at approximately $3,901,249.59. This trade represents a 39.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AMP shares. Royal Bank of Canada upped their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Piper Sandler upped their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research report on Friday, January 31st. Morgan Stanley upped their target price on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. Raymond James raised Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average target price of $517.13.

Ameriprise Financial Company Profile

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.