Resona Asset Management Co. Ltd. Has $14.50 Million Position in Ameriprise Financial, Inc. $AMP

Resona Asset Management Co. Ltd. cut its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 5.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 29,499 shares of the financial services provider’s stock after selling 1,860 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Ameriprise Financial were worth $14,504,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC raised its holdings in Ameriprise Financial by 104.2% in the 3rd quarter. AE Wealth Management LLC now owns 3,962 shares of the financial services provider’s stock valued at $1,946,000 after acquiring an additional 2,022 shares in the last quarter. National Pension Service raised its holdings in Ameriprise Financial by 4.6% in the 3rd quarter. National Pension Service now owns 152,980 shares of the financial services provider’s stock valued at $75,151,000 after acquiring an additional 6,724 shares in the last quarter. Optimize Financial Inc acquired a new position in Ameriprise Financial in the 3rd quarter valued at $453,000. Arjuna Capital raised its holdings in Ameriprise Financial by 14.6% in the 3rd quarter. Arjuna Capital now owns 12,613 shares of the financial services provider’s stock valued at $6,196,000 after acquiring an additional 1,610 shares in the last quarter. Finally, Candriam S.C.A. raised its holdings in Ameriprise Financial by 83.9% in the 3rd quarter. Candriam S.C.A. now owns 63,839 shares of the financial services provider’s stock valued at $31,361,000 after acquiring an additional 29,116 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AMP shares. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a report on Friday, April 10th. They issued a “hold” rating for the company. Jefferies Financial Group lifted their price objective on Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Piper Sandler lifted their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the company a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $605.00 price target (up from $580.00) on shares of Ameriprise Financial in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $543.22.

Insiders Place Their Bets

In related news, EVP Gerard P. Smyth sold 6,255 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president 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 SEC, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director owned 6,300 shares in the company, valued at $2,934,729. This represents a 16.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Down 1.4%

Shares of AMP opened at $457.39 on Thursday. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18. The business’s fifty day moving average is $454.40 and its 200-day moving average is $473.43. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market cap of $41.12 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 1.09 and a beta of 1.20.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the company posted $9.50 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts anticipate 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 given a dividend of $1.70 per share. The ex-dividend date is Monday, May 4th. This represents a $6.80 dividend on an annualized basis and a yield of 1.5%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s dividend payout ratio is presently 16.91%.

Ameriprise Financial 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.