Sumitomo Mitsui Trust Group Inc. Cuts Stake in Ameriprise Financial, Inc. $AMP

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 5.0% in the first quarter, Holdings Channel.com reports. The firm owned 210,219 shares of the financial services provider’s stock after selling 11,059 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Ameriprise Financial were worth $93,421,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AMP. SouthState Bank Corp boosted its holdings in shares of 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 during the last quarter. Holos Integrated Wealth LLC acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth $30,000. Ares Financial Consulting LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $32,000. Prosperity Bancshares Inc purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $33,000. Finally, Evolution Wealth Management Inc. acquired a new position in Ameriprise Financial in the first quarter valued at $34,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 1.5%

Ameriprise Financial stock traded up $7.53 during midday trading on Friday, hitting $507.69. 456,166 shares of the company were exchanged, compared to its average volume of 755,899. The company has a market cap of $45.64 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 1.04 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The company’s fifty day moving average price is $464.92 and its 200-day moving average price is $472.97. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.

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. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. Ameriprise Financial’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company earned $9.50 earnings per share. On average, research analysts predict that Ameriprise Financial, Inc. will post 43.29 EPS for the current fiscal 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 issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio (DPR) is 16.91%.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares of the company’s stock, valued at $2,934,729. This represents a 16.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’s 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 approximately $2,883,789.56. The trade was a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. BMO Capital Markets boosted 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 downgraded Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Morgan Stanley lifted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday. Keefe, Bruyette & Woods assumed coverage on Ameriprise Financial in a report on Friday, April 10th. They set a “hold” rating for the company. Finally, Piper Sandler increased their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $548.44.

About Ameriprise Financial

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.