PNC Financial Services Group Inc. Sells 993 Shares of Ameriprise Financial, Inc. $AMP

PNC Financial Services Group Inc. trimmed its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 388,502 shares of the financial services provider’s stock after selling 993 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ameriprise Financial were worth $172,650,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of Ameriprise Financial during the fourth quarter valued at $742,438,000. AQR Capital Management LLC increased its holdings in Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after buying an additional 496,319 shares in the last quarter. M&T Bank Corp increased its holdings in Ameriprise Financial by 1,440.2% in the 4th quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider’s stock worth $228,572,000 after buying an additional 435,885 shares in the last quarter. First Trust Advisors LP raised its position in Ameriprise Financial by 85.5% in the 4th quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock worth $406,216,000 after buying an additional 381,754 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in Ameriprise Financial by 140.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock worth $231,805,000 after buying an additional 275,659 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

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 shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 transaction of $558,996.00. Following the sale, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Trading Down 0.3%

Shares of NYSE:AMP opened at $526.80 on Thursday. The stock has a market capitalization of $47.36 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 0.94 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The stock’s 50-day simple moving average is $474.03 and its two-hundred day simple moving average is $474.45. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the company posted $9.50 EPS. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. Analysts expect that Ameriprise Financial, Inc. will post 43.74 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. BMO Capital Markets upped their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $553.67.

Ameriprise Financial 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.