MainStreet Investment Advisors LLC Decreases Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

MainStreet Investment Advisors LLC trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,626 shares of the financial services provider’s stock after selling 51 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Ameriprise Financial were worth $1,931,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Man Group plc lifted its stake in Ameriprise Financial by 32.5% in the 4th quarter. Man Group plc now owns 43,724 shares of the financial services provider’s stock worth $23,280,000 after purchasing an additional 10,736 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Ameriprise Financial by 61.5% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 83,490 shares of the financial services provider’s stock worth $44,746,000 after buying an additional 31,791 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth approximately $1,702,000. NorthRock Partners LLC increased its holdings in shares of Ameriprise Financial by 28.1% during the 4th quarter. NorthRock Partners LLC now owns 25,758 shares of the financial services provider’s stock worth $13,714,000 after buying an additional 5,643 shares during the last quarter. Finally, NDVR Inc. increased its holdings in shares of Ameriprise Financial by 8.1% during the 4th quarter. NDVR Inc. now owns 640 shares of the financial services provider’s stock worth $341,000 after buying an additional 48 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.9%

Ameriprise Financial stock opened at $520.49 on Wednesday. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a 50 day moving average price of $477.17 and a 200 day moving average price of $520.05. The company has a market capitalization of $49.56 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter last year, the firm earned $8.39 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Monday, May 5th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial declared that its Board of Directors has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AMP shares. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a report on Wednesday, May 7th. Royal Bank of Canada raised their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Morgan Stanley raised their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Piper Sandler raised their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. Finally, Raymond James upgraded shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target for the company in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $517.13.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the transaction, the insider now owns 7,237 shares in the company, valued at $3,901,249.59. The trade was a 39.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.73% of the stock is currently owned by corporate insiders.

About Ameriprise Financial

Ameriprise Financial, Inc, together with 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.