TD Asset Management Inc Sells 47,115 Shares of Ameriprise Financial, Inc. $AMP

TD Asset Management Inc reduced its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 11.8% in the second quarter, HoldingsChannel.com reports. The fund owned 353,527 shares of the financial services provider’s stock after selling 47,115 shares during the quarter. TD Asset Management Inc’s holdings in Ameriprise Financial were worth $162,184,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. SouthState Bank Corp lifted its stake in shares of 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 purchasing an additional 22 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in Ameriprise Financial during the first quarter worth approximately $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial during the second quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new stake in Ameriprise Financial during the fourth quarter worth approximately $32,000. Finally, Prosperity Bancshares Inc bought a new stake in Ameriprise Financial in the fourth quarter worth approximately $33,000. 83.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Piper Sandler raised their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. BMO Capital Markets boosted 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 report on Friday, April 24th. Finally, Weiss Ratings raised shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.33.

Ameriprise Financial Trading Down 0.1%

Shares of Ameriprise Financial stock opened at $570.06 on Friday. The stock has a market capitalization of $51.25 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The stock has a 50 day moving average price of $507.03 and a two-hundred day moving average price of $480.30. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the firm earned $9.11 earnings per share. Ameriprise Financial’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Monday, August 3rd. Ameriprise Financial’s payout ratio is 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Jerryl Williams sold 8,210 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Walter Stanley Berman sold 11,012 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 29,988 shares of company stock worth $16,316,497. Company insiders own 0.60% of the company’s stock.

About Ameriprise Financial

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.