QRG Capital Management Inc. Cuts Stock Holdings in Ameriprise Financial, Inc. $AMP

QRG Capital Management Inc. reduced its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 51.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,440 shares of the financial services provider’s stock after selling 7,898 shares during the quarter. QRG Capital Management Inc.’s holdings in Ameriprise Financial were worth $3,648,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. State Street Corp grew its position in Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock worth $2,171,360,000 after buying an additional 18,879 shares during the period. Boston Partners lifted its position in shares of Ameriprise Financial by 1.1% during the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock valued at $586,083,000 after acquiring an additional 13,172 shares during the period. Federated Hermes Inc. boosted its stake in shares of Ameriprise Financial by 29.3% during the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider’s stock worth $474,628,000 after acquiring an additional 219,080 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Ameriprise Financial by 11.5% in the 3rd quarter. Legal & General Group Plc now owns 634,413 shares of the financial services provider’s stock worth $311,655,000 after acquiring an additional 65,687 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Ameriprise Financial by 18.4% in the 3rd quarter. AQR Capital Management LLC now owns 589,570 shares of the financial services provider’s stock worth $289,626,000 after acquiring an additional 91,697 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMP. Piper Sandler lifted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research note on Monday. BMO Capital Markets increased their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the stock a “strong-buy” rating in a report on Wednesday, February 11th. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research report on Friday, April 10th. They issued a “hold” rating on the stock. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $543.22.

Insiders Place Their Bets

In other Ameriprise Financial news, insider Gumer Alvero sold 4,658 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the transaction, the insider directly owned 4,621 shares in the company, valued at $2,508,648.48. This represents a 50.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William F. Truscott sold 5,000 shares of Ameriprise Financial stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total value of $2,660,400.00. Following the completion of the transaction, the chief executive officer owned 12,149 shares of the company’s stock, valued at $6,464,239.92. This trade represents a 29.16% 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.

Ameriprise Financial Price Performance

AMP opened at $475.33 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.68 and a current ratio of 0.66. The stock has a market capitalization of $43.34 billion, a PE ratio of 11.82, a P/E/G ratio of 1.13 and a beta of 1.20. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $550.18. The company’s 50 day simple moving average is $455.30 and its 200 day simple moving average is $474.06.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the business posted $9.50 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 42.15 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be paid a dividend of $1.70 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial’s payout ratio is presently 16.91%.

Ameriprise Financial Company 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.