PNC Financial Services Group Inc. reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 1.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 389,495 shares of the financial services provider’s stock after selling 6,580 shares during the period. PNC Financial Services Group Inc.’s holdings in Ameriprise Financial were worth $190,985,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also bought and sold shares of the stock. AE Wealth Management LLC increased its position in shares of Ameriprise Financial by 104.2% during the 3rd quarter. AE Wealth Management LLC now owns 3,962 shares of the financial services provider’s stock valued at $1,946,000 after purchasing an additional 2,022 shares during the period. National Pension Service raised its stake in shares of Ameriprise Financial by 4.6% in the 3rd quarter. National Pension Service now owns 152,980 shares of the financial services provider’s stock worth $75,151,000 after buying an additional 6,724 shares in the last quarter. Optimize Financial Inc acquired a new stake in shares of Ameriprise Financial in the third quarter valued at $453,000. Arjuna Capital boosted its stake in Ameriprise Financial by 14.6% during the third quarter. Arjuna Capital now owns 12,613 shares of the financial services provider’s stock valued at $6,196,000 after buying an additional 1,610 shares in the last quarter. Finally, Candriam S.C.A. boosted its stake in Ameriprise Financial by 83.9% during the third quarter. Candriam S.C.A. now owns 63,839 shares of the financial services provider’s stock valued at $31,361,000 after buying an additional 29,116 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on AMP. Piper Sandler boosted their price target on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They issued a “hold” rating on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. BMO Capital Markets increased their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Finally, Jefferies Financial Group raised their target price on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $543.22.
Insider Activity at Ameriprise Financial
In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of 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. 0.60% of the stock is currently owned by corporate insiders.
Ameriprise Financial Trading Down 1.4%
NYSE:AMP opened at $457.39 on Thursday. The stock has a fifty day simple moving average of $454.40 and a 200 day simple moving average of $473.43. The firm has a market capitalization of $41.12 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 1.09 and a beta of 1.20. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90.
Ameriprise Financial (NYSE:AMP – Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the company earned $9.50 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current year.
Ameriprise Financial Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be given a $1.70 dividend. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date is Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.5%. Ameriprise Financial’s payout ratio is currently 16.91%.
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.
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