Lord Abbett & CO. LLC Sells 107,993 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Lord Abbett & CO. LLC lowered its position in Ameriprise Financial, Inc. (NYSE:AMP) by 37.5% in the 1st quarter, Holdings Channel reports. The fund owned 179,757 shares of the financial services provider’s stock after selling 107,993 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Ameriprise Financial were worth $87,022,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial in the fourth quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth about $31,000. Opal Wealth Advisors LLC bought a new position in shares of Ameriprise Financial in the 1st quarter worth about $36,000. Quarry LP lifted its position in Ameriprise Financial by 148.6% during the 4th quarter. Quarry LP now owns 87 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC boosted its stake in Ameriprise Financial by 100.0% during the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

NYSE AMP opened at $508.43 on Thursday. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The stock has a 50-day moving average of $521.94 and a 200 day moving average of $508.46. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market capitalization of $47.93 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.10 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating analysts’ consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $8.72 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has approved a share buyback plan on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 19.91%.

Analysts Set New Price Targets

AMP has been the subject of several recent research reports. Wall Street Zen upgraded shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Piper Sandler lifted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research note on Thursday, July 3rd. Morgan Stanley downgraded Ameriprise Financial from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Royal Bank Of Canada raised their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Finally, William Blair lowered Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $534.71.

Ameriprise Financial Company 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.