9,934 Ameriprise Financial, Inc. $AMP Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 4.7% during the third quarter, Holdings Channel.com reports. The fund owned 202,243 shares of the financial services provider’s stock after selling 9,934 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Ameriprise Financial were worth $99,574,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Assenagon Asset Management S.A. raised its stake in Ameriprise Financial by 980.8% in the third quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock valued at $1,019,036,000 after purchasing an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP acquired a new position in Ameriprise Financial in the third quarter valued at about $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new position in Ameriprise Financial in the third quarter valued at about $575,767,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $504.10 on Tuesday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The business’s 50-day moving average price is $518.52 and its two-hundred day moving average price is $493.02. The stock has a market cap of $45.32 billion, a PE ratio of 11.34, a P/E/G ratio of 1.05 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing the consensus estimate of $11.77 by ($0.51). The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.10 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.92 EPS. As a group, analysts expect that Ameriprise Financial, Inc. will post 46.08 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial’s payout ratio is 15.30%.

Insiders Place Their Bets

In other news, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AMP. Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. Raymond James Financial boosted their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research report on Friday, August 21st. Morgan Stanley cut their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday, October 9th. Zacks Research lowered shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Evercore decreased their price objective on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average target price of $557.00.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.