Hsbc Holdings PLC Sells 57,798 Shares of Ameriprise Financial, Inc. $AMP

Hsbc Holdings PLC cut its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 9.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 535,940 shares of the financial services provider’s stock after selling 57,798 shares during the period. Hsbc Holdings PLC’s holdings in Ameriprise Financial were worth $238,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AMP. State Street Corp raised its position in shares of Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock valued at $2,171,360,000 after buying an additional 18,879 shares during the last quarter. Norges Bank bought a new position in Ameriprise Financial during the fourth quarter valued at about $742,438,000. Boston Partners increased its stake in Ameriprise Financial by 1.1% during the third quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock valued at $586,083,000 after acquiring an additional 13,172 shares during the period. AQR Capital Management LLC raised its holdings in Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after acquiring an additional 496,319 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Ameriprise Financial by 0.7% in the 4th quarter. Federated Hermes Inc. now owns 973,097 shares of the financial services provider’s stock valued at $477,148,000 after acquiring an additional 6,934 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Activity

In related news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares in the company, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

AMP has been the topic of several recent research reports. BMO Capital Markets lifted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research note on Friday, April 10th. They issued a “hold” rating for the company. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Jefferies Financial Group raised their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $553.67.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP opened at $527.91 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. The business’s fifty day moving average price is $470.45 and its two-hundred day moving average price is $473.87. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The stock has a market capitalization of $47.46 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 0.94 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the business earned $9.50 earnings per share. The business’s revenue was up 9.7% on a year-over-year basis. As a group, analysts predict that Ameriprise Financial, Inc. will post 43.74 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors 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 dividend on an annualized basis and a dividend yield of 1.3%. 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.