Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by Beacon Pointe Advisors LLC

Beacon Pointe Advisors LLC decreased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 25.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,463 shares of the financial services provider's stock after selling 824 shares during the period. Beacon Pointe Advisors LLC's holdings in Ameriprise Financial were worth $1,311,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Quarry LP grew its holdings in Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after purchasing an additional 52 shares during the last quarter. Prosperity Consulting Group LLC raised its stake in shares of Ameriprise Financial by 1.9% during the 4th quarter. Prosperity Consulting Group LLC now owns 2,086 shares of the financial services provider's stock valued at $1,111,000 after buying an additional 38 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth approximately $1,728,000. DE Burlo Group Inc. acquired a new position in shares of Ameriprise Financial in the fourth quarter worth about $3,748,000. Finally, Virtus ETF Advisers LLC grew its holdings in Ameriprise Financial by 11.1% in the fourth quarter. Virtus ETF Advisers LLC now owns 2,237 shares of the financial services provider's stock valued at $1,191,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of research analyst reports. Raymond James raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price for the company in a report on Monday, April 7th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods reduced their price target on shares of Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 29th. UBS Group lowered Ameriprise Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Finally, Piper Sandler increased their price target on Ameriprise Financial from $415.00 to $442.00 and gave the stock an "underweight" rating in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $509.67.

Insider Activity

In other Ameriprise Financial news, CEO William F. Truscott sold 6,000 shares of the firm's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the sale, the chief executive officer now directly owns 14,023 shares of the company's stock, valued at $7,576,486.67. This trade represents a 29.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the firm's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total value of $523,120.00. Following the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. This trade represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,636 shares of company stock valued at $6,263,989 in the last three months. 0.73% of the stock is currently owned by company insiders.

Ameriprise Financial Stock Down 0.9 %

Shares of AMP traded down $4.13 during midday trading on Monday, hitting $480.35. The company had a trading volume of 314,302 shares, compared to its average volume of 491,115. The company's 50-day simple moving average is $480.71 and its 200-day simple moving average is $521.17. The firm has a market capitalization of $46.02 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $8.39 earnings per share. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared 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. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.33%. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial's payout ratio is 21.75%.

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