Ameriprise Financial, Inc. $AMP Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its position in Ameriprise Financial, Inc. (NYSE:AMP) by 5.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 23,878 shares of the financial services provider’s stock after selling 1,500 shares during the period. State of Michigan Retirement System’s holdings in Ameriprise Financial were worth $10,611,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMP. PFG Investments LLC raised its position in shares of Ameriprise Financial by 1.4% in the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider’s stock valued at $729,000 after buying an additional 21 shares during the last quarter. Institute for Wealth Management LLC. boosted its position in Ameriprise Financial by 3.6% during the fourth quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 21 shares during the last quarter. EPG Wealth Management LLC grew its stake in Ameriprise Financial by 0.8% during the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider’s stock valued at $1,331,000 after acquiring an additional 21 shares in the last quarter. Essex Financial Services Inc. grew its stake in Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock valued at $443,000 after acquiring an additional 21 shares in the last quarter. Finally, SouthState Bank Corp raised its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 22 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction that occurred 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 transaction, the director owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction that occurred on 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 sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $528.07 on Thursday. The firm has a market cap of $47.47 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $550.18. The business’s fifty day simple moving average is $467.73 and its 200-day simple moving average is $473.27.

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 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 firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the firm earned $9.50 EPS. Ameriprise Financial’s revenue was up 9.7% on a year-over-year basis. Equities analysts forecast that Ameriprise Financial, Inc. will post 43.46 earnings per share for the current year.

Ameriprise Financial Increases Dividend

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Weiss Ratings cut Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. 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 research report on Friday, April 24th. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research note on Friday, April 10th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $553.67.

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.