Pictet Asset Management Holding SA Sells 1,777 Shares of Ameriprise Financial, Inc. $AMP

Pictet Asset Management Holding SA reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 3.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 51,616 shares of the financial services provider’s stock after selling 1,777 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Ameriprise Financial were worth $22,938,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SouthState Bank Corp grew its holdings in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 22 shares during the last quarter. Holos Integrated Wealth LLC bought a new position in Ameriprise Financial during the 4th quarter valued at about $30,000. Ares Financial Consulting LLC bought a new position in Ameriprise Financial during the 4th quarter valued at about $32,000. Prosperity Bancshares Inc acquired a new position in Ameriprise Financial in the fourth quarter valued at about $33,000. Finally, WFA of San Diego LLC acquired a new position in Ameriprise Financial in the second quarter valued at about $36,000. 83.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Morgan Stanley boosted their target price on Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research report on Friday, April 10th. They set a “hold” rating on the stock. Piper Sandler increased their price target on Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Finally, Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. One equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $543.22.

Insider Buying and Selling

In other news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction 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 transaction, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Stock Up 4.4%

Shares of Ameriprise Financial stock opened at $478.97 on Thursday. The business has a fifty day simple moving average of $460.79 and a 200 day simple moving average of $472.42. The stock has a market cap of $43.06 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 0.96 and a beta of 1.16. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. The firm had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business earned $9.50 earnings per share. Research analysts predict that Ameriprise Financial, Inc. will post 43.01 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were issued a dividend of $1.70 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, May 4th. Ameriprise Financial’s dividend payout ratio is presently 16.91%.

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.