Cidel Asset Management Inc. Sells 23 Shares of Ameriprise Financial, Inc. $AMP

Cidel Asset Management Inc. trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 4.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 493 shares of the financial services provider’s stock after selling 23 shares during the period. Cidel Asset Management Inc.’s holdings in Ameriprise Financial were worth $263,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMP. JPMorgan Chase & Co. raised its holdings in shares of Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider’s stock worth $2,819,900,000 after buying an additional 1,023,002 shares during the period. Nuveen LLC purchased a new position in Ameriprise Financial during the 1st quarter worth $469,334,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Ameriprise Financial by 55.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,244,788 shares of the financial services provider’s stock worth $1,086,724,000 after purchasing an additional 796,925 shares during the period. Goldman Sachs Group Inc. increased its holdings in Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider’s stock worth $578,852,000 after purchasing an additional 266,631 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Ameriprise Financial by 78.6% in the 1st quarter. AQR Capital Management LLC now owns 430,767 shares of the financial services provider’s stock valued at $202,869,000 after acquiring an additional 189,525 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the sale, the chief executive officer owned 11,047 shares of the company’s stock, valued at approximately $5,599,613.83. The trade was a 47.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Heather J. Melloh sold 1,500 shares of Ameriprise Financial stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the sale, the executive vice president directly owned 2,562 shares of the company’s stock, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

Ameriprise Financial Stock Up 0.5%

Shares of AMP stock opened at $472.65 on Tuesday. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The stock’s fifty day moving average price is $497.02 and its 200 day moving average price is $501.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $44.56 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.05 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business earned $8.72 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s payout ratio is currently 19.91%.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of analyst reports. Piper Sandler upped their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research note on Thursday, July 3rd. Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Raymond James Financial lifted their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 25th. Morgan Stanley decreased their target price on shares of Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a research report on Wednesday, October 1st. Finally, BMO Capital Markets started coverage on shares of Ameriprise Financial in a report on Friday, October 3rd. They issued a “market perform” rating and a $525.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $539.50.

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.