Pacer Advisors Inc. Cuts Position in Ameriprise Financial, Inc. $AMP

Pacer Advisors Inc. lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 31.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,152 shares of the financial services provider’s stock after selling 2,844 shares during the quarter. Pacer Advisors Inc.’s holdings in Ameriprise Financial were worth $2,734,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. First Nebraska Trust Co acquired a new position in Ameriprise Financial during the first quarter valued at approximately $348,000. Eley Financial Management Inc raised its holdings in shares of Ameriprise Financial by 0.8% during the 1st quarter. Eley Financial Management Inc now owns 4,325 shares of the financial services provider’s stock valued at $1,922,000 after buying an additional 33 shares during the period. Kentucky Retirement Systems raised its stake in shares of Ameriprise Financial by 167.7% during the first quarter. Kentucky Retirement Systems now owns 16,062 shares of the financial services provider’s stock valued at $7,138,000 after purchasing an additional 10,063 shares during the period. Bull Harbor Capital LLC purchased a new stake in shares of Ameriprise Financial during the first quarter valued at approximately $908,000. Finally, South Dakota Investment Council lifted its position in shares of Ameriprise Financial by 50.0% during the first quarter. South Dakota Investment Council now owns 720 shares of the financial services provider’s stock worth $320,000 after purchasing an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of AMP stock opened at $551.27 on Friday. The firm has a market cap of $49.56 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.66. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $565.05. The firm has a fifty day moving average of $495.41 and a two-hundred day moving average of $478.07.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business posted $9.11 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 33,371 shares of company stock worth $17,668,423 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AMP shares. BMO Capital Markets upped their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Morgan Stanley raised their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Finally, Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $555.33.

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.