Cresset Asset Management LLC Has $4.62 Million Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Cresset Asset Management LLC lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 61.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,678 shares of the financial services provider's stock after selling 13,757 shares during the period. Cresset Asset Management LLC's holdings in Ameriprise Financial were worth $4,620,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its holdings in shares of Ameriprise Financial by 1.6% in the fourth quarter. Cetera Investment Advisers now owns 36,595 shares of the financial services provider's stock worth $19,484,000 after acquiring an additional 565 shares during the period. Centiva Capital LP bought a new position in shares of Ameriprise Financial during the 4th quarter valued at about $3,986,000. Bridgefront Capital LLC bought a new position in shares of Ameriprise Financial during the 4th quarter valued at approximately $221,000. Captrust Financial Advisors grew its position in Ameriprise Financial by 4.5% in the fourth quarter. Captrust Financial Advisors now owns 159,205 shares of the financial services provider's stock worth $84,766,000 after acquiring an additional 6,902 shares in the last quarter. Finally, Cary Street Partners Financial LLC bought a new position in Ameriprise Financial during the fourth quarter valued at $876,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares in the company, valued at approximately $3,901,249.59. This trade represents a 39.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. This represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Morgan Stanley raised their price target on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Royal Bank of Canada increased their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Raymond James raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Piper Sandler boosted their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of "Hold" and an average price target of $517.13.

Ameriprise Financial Stock Up 4.7%

Ameriprise Financial stock traded up $22.94 during trading on Monday, reaching $515.12. 595,254 shares of the company's stock were exchanged, compared to its average volume of 492,493. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The firm has a market cap of $49.05 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.15 and a beta of 1.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The company's 50-day moving average is $476.70 and its two-hundred day moving average is $519.97.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion during 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 company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.39 earnings per share. On average, analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

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

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be issued a dividend of $1.60 per share. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial's payout ratio is currently 21.75%.

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.