Envestnet Asset Management Inc. Reduces Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Envestnet Asset Management Inc. reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 5.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 658,442 shares of the financial services provider’s stock after selling 40,178 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.68% of Ameriprise Financial worth $350,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter valued at approximately $26,000. Whipplewood Advisors LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth $28,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth $30,000. Finally, Sound Income Strategies LLC bought a new position in shares of Ameriprise Financial in the fourth quarter worth $36,000. 83.95% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the sale, the insider now owns 7,237 shares of the company’s stock, valued at $3,901,249.59. This trade represents a 39.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William F. Truscott sold 6,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now owns 14,023 shares in the company, valued at $7,576,486.67. The trade was a 29.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock valued at $6,263,989 in the last ninety days. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $625.00 price objective on shares of Ameriprise Financial in a research note on Monday, February 3rd. Piper Sandler upped their price target on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a research report on Monday, February 3rd. Morgan Stanley upped their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $514.89.

Ameriprise Financial Trading Down 7.5 %

Shares of Ameriprise Financial stock opened at $421.61 on Friday. The company has a 50 day simple moving average of $515.46 and a two-hundred day simple moving average of $524.00. The firm has a market cap of $40.52 billion, a PE ratio of 12.75, a PEG ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, topping analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. Analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 10th were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.92 annualized dividend and a yield of 1.40%. Ameriprise Financial’s payout ratio is 17.91%.

Ameriprise Financial Profile

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.