AGF Management Ltd. Sells 71,719 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• AGF Management Ltd. reduced its stake in Ameriprise Financial by 18.6% in the first quarter, now owning approximately $151.99 million worth of shares.
• The company recently announced a quarterly dividend of $1.60 per share, equating to an annualized yield of 1.3% and a payout ratio of 19.91%.
• Ameriprise Financial reported $9.11 earnings per share in its latest quarter results, exceeding analysts' estimates, with a strong net margin of 18.30% and a return on equity of 65.90%.

AGF Management Ltd. reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 18.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 313,966 shares of the financial services provider's stock after selling 71,719 shares during the quarter. AGF Management Ltd. owned 0.33% of Ameriprise Financial worth $151,994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMP. Brighton Jones LLC lifted its position in Ameriprise Financial by 6.9% during the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after buying an additional 50 shares in the last quarter. Wellington Management Group LLP lifted its position in Ameriprise Financial by 19.1% during the 4th quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider's stock worth $866,000 after buying an additional 261 shares in the last quarter. Scotia Capital Inc. lifted its position in Ameriprise Financial by 263.5% during the 4th quarter. Scotia Capital Inc. now owns 1,585 shares of the financial services provider's stock worth $844,000 after buying an additional 1,149 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in Ameriprise Financial by 14.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 74,654 shares of the financial services provider's stock worth $39,747,000 after buying an additional 9,662 shares in the last quarter. Finally, Sagespring Wealth Partners LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth about $540,000. 83.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMP. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Raymond James Financial increased their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. Finally, Piper Sandler increased their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research report on Thursday, July 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $534.71.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock traded up $10.00 on Tuesday, reaching $516.65. 371,172 shares of the stock were exchanged, compared to its average volume of 436,064. The firm's 50 day moving average is $521.93 and its 200-day moving average is $508.46. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market cap of $48.70 billion, a PE ratio of 16.07, a P/E/G ratio of 1.08 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm posted $8.72 EPS. The firm's quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.2%. Ameriprise Financial's dividend payout ratio is presently 19.91%.

Ameriprise Financial declared that its Board of Directors has approved a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors 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.