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

State of Michigan Retirement System cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AMP. PFG Investments LLC boosted its stake 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 purchasing an additional 21 shares during the period. Institute for Wealth Management LLC. lifted its holdings in Ameriprise Financial by 3.6% during the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider’s stock worth $297,000 after buying an additional 21 shares in the last quarter. EPG Wealth Management LLC lifted its holdings 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 worth $1,331,000 after buying an additional 21 shares in the last quarter. Essex Financial Services Inc. boosted 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 buying an additional 21 shares during the period. Finally, SouthState Bank Corp boosted 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 buying an additional 22 shares during the period. 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 business’s stock in a transaction that occurred on 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 sale, the director owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. This represents a 16.00% decrease in their position. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Jefferies Financial Group upped their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods assumed coverage on Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating for the company. Piper Sandler boosted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and a consensus price target of $553.67.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $528.07 on Thursday. The company has a market cap of $47.47 billion, a P/E ratio of 13.13, a PEG ratio of 0.93 and a beta of 1.16. The firm has a fifty day moving average price of $467.73 and a 200 day moving average price of $473.27. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the firm earned $9.50 earnings per share. Sell-side analysts predict that Ameriprise Financial, Inc. will post 43.46 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders 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. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio is 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.