Park Avenue Securities LLC Has $8.65 Million Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Park Avenue Securities LLC lowered its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 3.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,258 shares of the financial services provider’s stock after selling 645 shares during the period. Park Avenue Securities LLC’s holdings in Ameriprise Financial were worth $8,654,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Retirement Group LLC bought a new position in shares of Ameriprise Financial during the 1st quarter worth approximately $25,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial during the 1st quarter worth $28,000. Bank & Trust Co bought a new position in shares of Ameriprise Financial in the second quarter worth $29,000. Sound Income Strategies LLC acquired a new position in Ameriprise Financial in the first quarter valued at about $32,000. Finally, Annapolis Financial Services LLC lifted its position in Ameriprise Financial by 928.6% during the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 65 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Trading Down 0.7 %

NYSE AMP traded down $2.81 during trading hours on Wednesday, reaching $392.76. The company’s stock had a trading volume of 625,463 shares, compared to its average volume of 491,518. The firm has a fifty day simple moving average of $428.86 and a 200-day simple moving average of $420.13. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.59 and a quick ratio of 0.56. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $449.94. The stock has a market cap of $39.01 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.73 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. The company had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. Ameriprise Financial’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $7.44 earnings per share. Equities analysts forecast that Ameriprise Financial, Inc. will post 34.77 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.51%. Ameriprise Financial’s payout ratio is 20.15%.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total transaction of $657,105.00. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AMP shares. Argus boosted their target price on shares of Ameriprise Financial from $440.00 to $460.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada upped their target price on Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Morgan Stanley decreased their price target on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. UBS Group dropped their price objective on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Finally, Piper Sandler decreased their target price on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $464.33.

About Ameriprise Financial

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.