Envestnet Asset Management Inc. Sells 53,774 Shares of Ameriprise Financial, Inc. $AMP

Envestnet Asset Management Inc. decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 8.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 571,723 shares of the financial services provider’s stock after selling 53,774 shares during the period. Envestnet Asset Management Inc.’s holdings in Ameriprise Financial were worth $280,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AE Wealth Management LLC grew its holdings in shares of Ameriprise Financial by 104.2% in the third 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 in the last quarter. National Pension Service lifted its position in Ameriprise Financial by 4.6% during the third quarter. National Pension Service now owns 152,980 shares of the financial services provider’s stock valued at $75,151,000 after purchasing an additional 6,724 shares during the last quarter. Arjuna Capital grew its stake in shares of Ameriprise Financial by 14.6% in the 3rd quarter. Arjuna Capital now owns 12,613 shares of the financial services provider’s stock worth $6,196,000 after buying an additional 1,610 shares in the last quarter. Mediolanum International Funds Ltd increased its holdings in shares of Ameriprise Financial by 23.0% in the 3rd quarter. Mediolanum International Funds Ltd now owns 47,758 shares of the financial services provider’s stock worth $23,859,000 after buying an additional 8,927 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in shares of Ameriprise Financial during the 3rd quarter valued at about $1,454,000. Institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley lifted their price target on Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a research report on Monday, December 22nd. Keefe, Bruyette & Woods dropped their target price on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating for the company in a report on Monday, November 3rd. Piper Sandler upgraded Ameriprise Financial from an “underweight” rating to a “neutral” rating and increased their price target for the company from $434.00 to $530.00 in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ameriprise Financial in a research note on Monday, December 29th. Finally, Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $555.67.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $544.61 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.86. The stock’s fifty day moving average is $496.25 and its two-hundred day moving average is $491.95. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $552.43. The company has a market capitalization of $50.60 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.33 by $0.50. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $9.54 earnings per share. As a group, analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, February 9th. Ameriprise Financial’s payout ratio is currently 17.60%.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $450.94, for a total value of $676,410.00. Following the transaction, the director owned 7,500 shares of the company’s stock, valued at $3,382,050. This represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.73% 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.