Nuveen Asset Management LLC Decreases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Nuveen Asset Management LLC trimmed its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 15.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,136,220 shares of the financial services provider's stock after selling 213,461 shares during the quarter. Nuveen Asset Management LLC owned 1.17% of Ameriprise Financial worth $604,958,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Ameriprise Financial in the 4th quarter worth about $689,272,000. JPMorgan Chase & Co. raised its position in Ameriprise Financial by 12.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after purchasing an additional 516,437 shares during the period. Proficio Capital Partners LLC raised its position in Ameriprise Financial by 79,679.4% in the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock worth $197,943,000 after purchasing an additional 371,306 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Ameriprise Financial by 429.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider's stock worth $222,103,000 after purchasing an additional 338,298 shares during the period. Finally, Northern Trust Corp raised its position in Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the sale, the insider now directly owns 7,237 shares in the company, valued at $3,901,249.59. This trade represents a 39.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Up 0.9%

Shares of NYSE AMP traded up $4.51 during midday trading on Friday, reaching $524.06. 338,216 shares of the company's stock traded hands, compared to its average volume of 493,378. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The stock's 50 day simple moving average is $479.32 and its 200-day simple moving average is $520.15. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The company has a market cap of $49.90 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released 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. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period last year, the firm earned $8.39 earnings per share. The company's quarterly revenue was up 3.6% on a year-over-year basis. On average, analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, May 5th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.22%. Ameriprise Financial's dividend payout ratio (DPR) is currently 21.75%.

Ameriprise Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Ameriprise Financial Profile

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.