Lord Abbett & CO. LLC Has $153.21 Million Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Lord Abbett & CO. LLC cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 23.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 287,750 shares of the financial services provider's stock after selling 86,841 shares during the quarter. Lord Abbett & CO. LLC owned about 0.30% of Ameriprise Financial worth $153,207,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AMP. Howard Capital Management Group LLC lifted its holdings in Ameriprise Financial by 11.1% in the 3rd quarter. Howard Capital Management Group LLC now owns 1,787 shares of the financial services provider's stock worth $840,000 after purchasing an additional 178 shares during the last quarter. Morse Asset Management Inc bought a new position in shares of Ameriprise Financial in the third quarter valued at approximately $940,000. Passumpsic Savings Bank acquired a new stake in shares of Ameriprise Financial in the third quarter worth $211,000. Anchor Investment Management LLC boosted its holdings in shares of Ameriprise Financial by 3,275.0% during the 3rd quarter. Anchor Investment Management LLC now owns 270 shares of the financial services provider's stock worth $127,000 after buying an additional 262 shares during the period. Finally, World Investment Advisors LLC acquired a new position in Ameriprise Financial in the 3rd quarter valued at $659,000. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday, January 31st. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. UBS Group lowered Ameriprise Financial from a "buy" rating to a "neutral" rating and decreased their price target for the company from $580.00 to $570.00 in a research note on Monday, January 6th. Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $509.67.

Insider Activity

In related news, CEO William F. Truscott sold 6,000 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $540.29, for a total value of $3,241,740.00. Following the transaction, the chief executive officer now owns 14,023 shares in the company, valued at approximately $7,576,486.67. This represents a 29.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the sale, the director now owns 10,000 shares of the company's stock, valued at $5,231,200. This trade represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,636 shares of company stock valued at $6,263,989. 0.57% of the stock is owned by company insiders.

Ameriprise Financial Stock Down 1.6 %

AMP traded down $7.33 during trading on Wednesday, reaching $464.32. The company had a trading volume of 87,417 shares, compared to its average volume of 489,908. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The company has a market cap of $44.49 billion, a P/E ratio of 14.04, a PEG ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The business's fifty day moving average price is $483.86 and its 200 day moving average price is $521.92.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm's revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $8.39 earnings per share. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.38%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date is Monday, May 5th. Ameriprise Financial's payout ratio is presently 21.75%.

Ameriprise Financial announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

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.