Kornitzer Capital Management Inc. KS Reduces Stock Position in Ameriprise Financial, Inc. $AMP

Kornitzer Capital Management Inc. KS cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 87.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,450 shares of the financial services provider’s stock after selling 10,085 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Ameriprise Financial were worth $644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. SouthState Bank Corp grew its position in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 22 shares in the last quarter. Holos Integrated Wealth LLC bought a new position in Ameriprise Financial in the 4th quarter worth about $30,000. Ares Financial Consulting LLC bought a new position in Ameriprise Financial in the 4th quarter worth about $32,000. Prosperity Bancshares Inc purchased a new position in Ameriprise Financial during the 4th quarter valued at about $33,000. Finally, Evolution Wealth Management Inc. purchased a new position in Ameriprise Financial during the 1st quarter valued at about $34,000. Institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the business’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 value of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. The trade was a 50.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction on 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 sale, the director directly owned 6,300 shares of the company’s stock, valued at $2,934,729. This trade represents a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

AMP has been the topic of several analyst reports. Piper Sandler upped their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating on the stock. BMO Capital Markets lifted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Finally, Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $553.67.

Ameriprise Financial Price Performance

AMP opened at $519.11 on Tuesday. 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 stock has a market capitalization of $46.67 billion, a P/E ratio of 12.91, a PEG ratio of 0.91 and a beta of 1.16. The stock has a 50-day moving average price of $465.80 and a 200-day moving average price of $472.96. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $550.18.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm posted $9.50 EPS. Equities analysts predict that Ameriprise Financial, Inc. will post 43.5 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Monday, May 4th. Ameriprise Financial’s payout ratio is 16.91%.

Ameriprise Financial 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.