Envestnet Portfolio Solutions Inc. Cuts Stake in Ameriprise Financial, Inc. $AMP

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 9.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,043 shares of the financial services provider’s stock after selling 1,336 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ameriprise Financial were worth $6,395,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. M&T Bank Corp lifted its position in shares of 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 purchasing an additional 435,885 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Ameriprise Financial by 140.5% during the third quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock valued at $231,805,000 after purchasing an additional 275,659 shares in the last quarter. Man Group plc boosted its position in shares of Ameriprise Financial by 687.4% during the third quarter. Man Group plc now owns 276,822 shares of the financial services provider’s stock valued at $135,989,000 after purchasing an additional 241,665 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Ameriprise Financial by 29.3% during the third quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider’s stock valued at $474,628,000 after purchasing an additional 219,080 shares in the last quarter. Finally, Close Asset Management Ltd boosted its position in shares of Ameriprise Financial by 78.2% during the third quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider’s stock valued at $227,652,000 after purchasing an additional 203,252 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $457.39 on Thursday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a market capitalization of $41.12 billion, a PE ratio of 11.38, a PEG ratio of 1.09 and a beta of 1.20. The business has a fifty day moving average price of $454.40 and a 200-day moving average price of $473.43. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the business earned $9.50 EPS. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 42.63 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Monday, May 4th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.91%.

Analyst Upgrades and Downgrades

AMP has been the topic of several research reports. BMO Capital Markets lifted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Royal Bank Of Canada restated an “outperform” rating and issued a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. Raymond James Financial set a $582.00 price objective on shares of Ameriprise Financial and gave the stock a “strong-buy” rating in a report on Wednesday, February 11th. Finally, Piper Sandler upped their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. One 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and a consensus target price of $543.22.

Insider Buying and Selling

In related news, EVP Gerard P. Smyth sold 6,255 shares of the business’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 completion of the transaction, the executive vice president directly owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by insiders.

Ameriprise Financial Company 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.