Ameriprise Financial, Inc. $AMP Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 32.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,261,177 shares of the financial services provider’s stock after selling 1,543,309 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ameriprise Financial were worth $1,599,087,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. PFG Investments LLC raised its position in Ameriprise Financial by 1.4% in the 4th quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider’s stock valued at $729,000 after purchasing an additional 21 shares in the last quarter. Institute for Wealth Management LLC. raised its position in Ameriprise Financial by 3.6% in the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock valued at $297,000 after purchasing an additional 21 shares in the last quarter. EPG Wealth Management LLC raised its position in Ameriprise Financial by 0.8% in 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 purchasing an additional 21 shares in the last quarter. Essex Financial Services Inc. raised its position in Ameriprise Financial by 2.4% in the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 21 shares in the last quarter. Finally, SouthState Bank Corp raised its position 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 purchasing an additional 22 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Buying and Selling

In related news, EVP Gerard P. Smyth sold 6,255 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the transaction, the director owned 6,300 shares in the company, valued at $2,934,729. This 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.

Analysts Set New Price Targets

AMP has been the topic of a number of analyst reports. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the company a “strong-buy” rating in a research report on Wednesday, February 11th. BMO Capital Markets increased 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. Weiss Ratings lowered Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. Piper Sandler increased their price target on Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Finally, Morgan Stanley raised their target price on Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and a consensus target price of $543.22.

Ameriprise Financial Trading Down 1.3%

NYSE:AMP opened at $448.83 on Tuesday. The stock’s 50 day moving average price is $455.94 and its 200 day moving average price is $472.75. The company has a market capitalization of $40.35 billion, a PE ratio of 11.16, a P/E/G ratio of 1.07 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.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $9.50 EPS. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 42.63 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were paid a dividend of $1.70 per share. The ex-dividend date was Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a yield of 1.5%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio (DPR) 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.