Alley Investment Management Company LLC Reduces Position in Ameriprise Financial, Inc. $AMP

Alley Investment Management Company LLC lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 43.7% in the first quarter, Holdings Channel.com reports. The firm owned 29,029 shares of the financial services provider’s stock after selling 22,508 shares during the period. Ameriprise Financial comprises about 1.6% of Alley Investment Management Company LLC’s investment portfolio, making the stock its 29th biggest position. Alley Investment Management Company LLC’s holdings in Ameriprise Financial were worth $12,900,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ameriprise Financial by 5.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 199,258 shares of the financial services provider’s stock valued at $98,388,000 after buying an additional 10,782 shares in the last quarter. Pensionfund Sabic bought a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $1,471,000. LSV Asset Management grew its stake in Ameriprise Financial by 1.3% during the fourth quarter. LSV Asset Management now owns 272,018 shares of the financial services provider’s stock valued at $133,381,000 after acquiring an additional 3,548 shares in the last quarter. KBC Group NV grew its stake in Ameriprise Financial by 12.2% during the fourth quarter. KBC Group NV now owns 150,606 shares of the financial services provider’s stock valued at $73,848,000 after acquiring an additional 16,433 shares in the last quarter. Finally, National Pension Service increased its holdings in Ameriprise Financial by 8.2% during the 4th quarter. National Pension Service now owns 165,543 shares of the financial services provider’s stock worth $81,172,000 after acquiring an additional 12,563 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the transaction, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. This represents a 50.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was 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. The SEC filing for this sale provides additional information. Company insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They set a “hold” rating for the company. Piper Sandler upped their price target on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Finally, BMO Capital Markets lifted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. One equities research 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 issued a Sell rating to the stock. According to MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $543.22.

Ameriprise Financial Stock Up 2.6%

AMP stock opened at $458.29 on Wednesday. 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 company’s 50 day moving average is $460.35 and its 200 day moving average is $472.55. The stock has a market cap of $41.20 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 0.94 and a beta of 1.16. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the business posted $9.50 earnings per share. Ameriprise Financial’s revenue for the quarter was up 9.7% on a year-over-year basis. Sell-side analysts predict that Ameriprise Financial, Inc. will post 43.01 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given 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 dividend yield of 1.5%. Ameriprise Financial’s dividend payout ratio is 16.91%.

Ameriprise Financial Company 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.