Geode Capital Management LLC Grows Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Geode Capital Management LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Get Rating) by 8.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,331,235 shares of the financial services provider’s stock after purchasing an additional 183,996 shares during the period. Geode Capital Management LLC owned about 2.08% of Ameriprise Financial worth $701,689,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Ameriprise Financial by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 2,675,963 shares of the financial services provider’s stock worth $706,775,000 after purchasing an additional 29,863 shares in the last quarter. Morgan Stanley increased its stake in shares of Ameriprise Financial by 3.4% during the third quarter. Morgan Stanley now owns 1,218,059 shares of the financial services provider’s stock worth $321,713,000 after purchasing an additional 40,595 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Ameriprise Financial by 6.5% during the fourth quarter. Brown Advisory Inc. now owns 1,093,033 shares of the financial services provider’s stock worth $329,725,000 after purchasing an additional 66,704 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ameriprise Financial by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 712,829 shares of the financial services provider’s stock worth $215,030,000 after purchasing an additional 32,603 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Ameriprise Financial by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 581,394 shares of the financial services provider’s stock valued at $175,384,000 after acquiring an additional 1,739 shares in the last quarter. 82.69% of the stock is owned by institutional investors and hedge funds.

In other Ameriprise Financial news, CEO James M. Cracchiolo sold 56,622 shares of the stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $314.16, for a total transaction of $17,788,367.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Gumer Alvero sold 2,044 shares of the stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $314.30, for a total transaction of $642,429.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,377 shares of company stock worth $21,148,716. Company insiders own 1.00% of the company’s stock.

Several brokerages recently issued reports on AMP. UBS Group dropped their price objective on shares of Ameriprise Financial from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Tuesday, April 26th. Morgan Stanley dropped their price objective on shares of Ameriprise Financial from $335.00 to $330.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 26th. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $325.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, April 4th. William Blair reaffirmed an “outperform” rating on shares of Ameriprise Financial in a research note on Tuesday, April 26th. Finally, Piper Sandler cut shares of Ameriprise Financial from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $325.00 to $310.00 in a research note on Wednesday, April 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of “Buy” and an average price target of $338.09.

Shares of AMP stock opened at $256.01 on Friday. The firm’s 50 day moving average price is $284.53 and its 200-day moving average price is $295.53. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.94 and a current ratio of 0.94. Ameriprise Financial, Inc. has a one year low of $236.35 and a one year high of $332.37. The firm has a market cap of $28.14 billion, a P/E ratio of 9.83 and a beta of 1.50.

Ameriprise Financial (NYSE:AMP – Get Rating) last issued its quarterly earnings data on Monday, April 25th. The financial services provider reported $5.98 EPS for the quarter, topping the consensus estimate of $5.93 by $0.05. Ameriprise Financial had a net margin of 22.45% and a return on equity of 50.02%. The firm had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $5.43 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, research analysts predict that Ameriprise Financial, Inc. will post 25.49 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 26th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 8.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 20th. Stockholders of record on Monday, May 9th were issued a $1.25 dividend. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.13. This represents a $5.00 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Friday, May 6th. Ameriprise Financial’s dividend payout ratio is currently 19.20%.

Ameriprise Financial Company Profile (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.

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