Assenagon Asset Management S.A. Sells 132,397 Shares of Ameriprise Financial, Inc. $AMP

Assenagon Asset Management S.A. cut its position in Ameriprise Financial, Inc. (NYSE:AMP) by 62.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,106 shares of the financial services provider’s stock after selling 132,397 shares during the period. Assenagon Asset Management S.A.’s holdings in Ameriprise Financial were worth $35,155,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. SouthState Bank Corp grew its holdings in shares of Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 22 shares during the last quarter. Holos Integrated Wealth LLC bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $30,000. Ares Financial Consulting LLC bought a new position in shares of Ameriprise Financial in the fourth quarter valued at about $32,000. Prosperity Bancshares Inc acquired a new position in Ameriprise Financial during the 4th quarter worth about $33,000. Finally, WFA of San Diego LLC acquired a new position in Ameriprise Financial during the 2nd quarter worth about $36,000. 83.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on AMP shares. Keefe, Bruyette & Woods assumed coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They issued a “hold” rating for the company. Morgan Stanley upped their target price on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a research report on Thursday, April 30th. Piper Sandler raised their price target on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a report on Monday, May 4th. BMO Capital Markets boosted their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Finally, Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $543.22.

Ameriprise Financial Stock Performance

AMP stock opened at $452.88 on Friday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The firm has a market cap of $40.71 billion, a PE ratio of 11.26, a P/E/G ratio of 0.96 and a beta of 1.16. The business’s 50-day moving average price is $460.54 and its two-hundred day moving average price is $473.07.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $9.50 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 42.69 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a dividend of $1.70 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.5%. Ameriprise Financial’s dividend payout ratio is 16.91%.

Insider Buying and Selling

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction that occurred 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 transaction, the director owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.60% 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.