IMA Wealth Inc. Trims Stake in Ameriprise Financial, Inc. (NYSE:AMP)

IMA Wealth Inc. reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,660 shares of the financial services provider’s stock after selling 933 shares during the quarter. Ameriprise Financial comprises about 1.5% of IMA Wealth Inc.’s portfolio, making the stock its 23rd biggest position. IMA Wealth Inc.’s holdings in Ameriprise Financial were worth $2,909,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of AMP. Royal Bank of Canada increased its holdings in shares of Ameriprise Financial by 2.4% in the 3rd quarter. Royal Bank of Canada now owns 894,744 shares of the financial services provider’s stock valued at $294,979,000 after acquiring an additional 20,970 shares during the period. Invesco Ltd. increased its holdings in shares of Ameriprise Financial by 13.4% in the 3rd quarter. Invesco Ltd. now owns 672,823 shares of the financial services provider’s stock valued at $221,816,000 after acquiring an additional 79,611 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Ameriprise Financial by 12.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 620,048 shares of the financial services provider’s stock valued at $204,417,000 after acquiring an additional 69,078 shares during the period. Barclays PLC increased its holdings in shares of Ameriprise Financial by 63.9% in the 3rd quarter. Barclays PLC now owns 350,391 shares of the financial services provider’s stock valued at $115,517,000 after acquiring an additional 136,621 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Ameriprise Financial by 6.0% in the 4th quarter. Federated Hermes Inc. now owns 304,953 shares of the financial services provider’s stock worth $115,830,000 after purchasing an additional 17,307 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on Ameriprise Financial from $437.00 to $488.00 and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Raymond James initiated coverage on Ameriprise Financial in a research report on Thursday, March 21st. They set a “market perform” rating for the company. Piper Sandler lifted their price target on Ameriprise Financial from $360.00 to $392.00 and gave the stock an “underweight” rating in a research report on Friday, April 5th. Finally, Morgan Stanley lifted their price target on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $449.57.

Insiders Place Their Bets

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 13,346 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $387.81, for a total transaction of $5,175,712.26. Following the completion of the sale, the chief financial officer now directly owns 6,409 shares in the company, valued at approximately $2,485,474.29. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Walter Stanley Berman sold 13,346 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $387.81, for a total transaction of $5,175,712.26. Following the transaction, the chief financial officer now directly owns 6,409 shares in the company, valued at approximately $2,485,474.29. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $386.60, for a total value of $1,546,400.00. Following the transaction, the director now owns 12,500 shares in the company, valued at $4,832,500. The disclosure for this sale can be found here. In the last three months, insiders sold 79,472 shares of company stock worth $31,779,805. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $0.90 on Friday, hitting $410.01. The company had a trading volume of 454,209 shares, compared to its average volume of 517,879. The firm has a market cap of $41.08 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 0.70 and a beta of 1.36. The company has a 50-day moving average price of $418.65 and a 200-day moving average price of $380.77. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a twelve month low of $279.85 and a twelve month high of $440.67.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the previous year, the firm posted $7.25 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Ameriprise Financial, Inc. will post 34.65 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be paid a dividend of $1.48 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Friday, May 3rd. Ameriprise Financial’s payout ratio is 18.38%.

About Ameriprise Financial

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.