Clark Capital Management Group Inc. Raises Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Clark Capital Management Group Inc. lifted its stake in Ameriprise Financial, Inc. (NYSE:AMPGet Rating) by 3.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,244 shares of the financial services provider’s stock after buying an additional 4,351 shares during the quarter. Clark Capital Management Group Inc.’s holdings in Ameriprise Financial were worth $35,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mascoma Wealth Management LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter worth about $29,000. Equitec Proprietary Markets LLC purchased a new position in Ameriprise Financial during the fourth quarter worth approximately $33,000. Confluence Wealth Services Inc. purchased a new position in Ameriprise Financial during the fourth quarter worth approximately $39,000. KRS Capital Management LLC purchased a new position in Ameriprise Financial during the fourth quarter worth approximately $39,000. Finally, Arlington Partners LLC purchased a new position in Ameriprise Financial during the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 82.69% of the company’s stock.

Shares of Ameriprise Financial stock traded up $7.93 during mid-day trading on Monday, reaching $263.94. 10,142 shares of the stock traded hands, compared to its average volume of 678,734. The business has a 50-day moving average of $284.53 and a 200 day moving average of $295.45. Ameriprise Financial, Inc. has a fifty-two week low of $236.35 and a fifty-two week high of $332.37. The stock has a market capitalization of $29.01 billion, a PE ratio of 10.12 and a beta of 1.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.90.

Ameriprise Financial (NYSE:AMPGet Rating) last posted its quarterly earnings results on Monday, April 25th. The financial services provider reported $5.98 EPS for the quarter, beating the consensus estimate of $5.93 by $0.05. Ameriprise Financial had a return on equity of 50.02% and a net margin of 22.45%. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm earned $5.43 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 25.49 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 20th. Investors of record on Monday, May 9th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Friday, May 6th. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.13. Ameriprise Financial’s dividend payout ratio (DPR) is currently 19.20%.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Wednesday, January 26th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 8.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of brokerages have issued reports on AMP. Piper Sandler downgraded Ameriprise Financial from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $325.00 to $310.00 in a research report on Wednesday, April 6th. StockNews.com began coverage on Ameriprise Financial in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Morgan Stanley lowered their price target on Ameriprise Financial from $335.00 to $330.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 26th. William Blair reiterated an “outperform” rating on shares of Ameriprise Financial in a research report on Tuesday, April 26th. Finally, UBS Group lowered their price target on Ameriprise Financial from $360.00 to $350.00 and set a “buy” rating on the stock in a research report on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $338.09.

In related news, CFO Walter Stanley Berman sold 8,711 shares of the stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $312.01, for a total value of $2,717,919.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James M. Cracchiolo sold 56,622 shares of the firm’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $314.16, for a total value of $17,788,367.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,377 shares of company stock valued at $21,148,716. Insiders own 1.00% of the company’s stock.

About Ameriprise Financial (Get Rating)

Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.

Recommended Stories

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMPGet Rating).

Institutional Ownership by Quarter for Ameriprise Financial (NYSE:AMP)

Receive News & Ratings for Ameriprise Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ameriprise Financial and related companies with MarketBeat.com's FREE daily email newsletter.