Envestnet Portfolio Solutions Inc. Sells 1,359 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Envestnet Portfolio Solutions Inc. trimmed its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,661 shares of the financial services provider’s stock after selling 1,359 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ameriprise Financial were worth $15,792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AMP. Proficio Capital Partners LLC boosted its stake in shares of Ameriprise Financial by 79,679.4% in the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider’s stock valued at $197,943,000 after purchasing an additional 371,306 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Ameriprise Financial by 9.1% in the third quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider’s stock valued at $2,013,359,000 after buying an additional 358,699 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Ameriprise Financial by 429.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider’s stock worth $222,103,000 after buying an additional 338,298 shares during the last quarter. Amundi increased its holdings in shares of Ameriprise Financial by 48.0% during the fourth quarter. Amundi now owns 642,226 shares of the financial services provider’s stock worth $343,546,000 after buying an additional 208,195 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $108,620,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMP has been the subject of several research analyst reports. UBS Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $580.00 to $570.00 in a research report on Monday, January 6th. Morgan Stanley increased their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a research note on Monday, February 3rd. Piper Sandler raised their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and a consensus price target of $514.89.

Ameriprise Financial Stock Performance

AMP stock opened at $485.94 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a market cap of $46.71 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 1.15 and a beta of 1.33. The business’s fifty day moving average is $531.56 and its 200-day moving average is $519.64.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 10th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Monday, February 10th. Ameriprise Financial’s dividend payout ratio is currently 17.91%.

Insider Activity

In other news, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares of the company’s stock, valued at $3,901,249.59. This represents a 39.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock worth $6,263,989 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Profile

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.