Alley Investment Management Company LLC Sells 22,508 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Alley Investment Management cut its Ameriprise Financial stake by 43.7% in the first quarter, selling 22,508 shares and leaving it with 29,029 shares worth about $12.9 million.
• Ameriprise reported strong quarterly earnings of $11.26 per share, beating analysts’ estimate of $10.21, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its quarterly dividend to $1.70 per share from $1.60, and analysts currently have a consensus rating of Hold with an average price target of $543.22.

Alley Investment Management Company LLC lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 43.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,029 shares of the financial services provider's stock after selling 22,508 shares during the period. Ameriprise Financial accounts for about 1.6% of Alley Investment Management Company LLC's portfolio, making the stock its 29th largest position. Alley Investment Management Company LLC's holdings in Ameriprise Financial were worth $12,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its position in Ameriprise Financial by 0.4% in the 3rd quarter. State Street Corp now owns 4,420,072 shares of the financial services provider's stock valued at $2,171,360,000 after buying an additional 18,879 shares in the last quarter. Norges Bank bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $742,438,000. Boston Partners raised its position in shares of Ameriprise Financial by 1.1% during the third quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock worth $586,083,000 after purchasing an additional 13,172 shares during the period. AQR Capital Management LLC raised its position in shares of Ameriprise Financial by 84.2% during the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock worth $532,455,000 after purchasing an additional 496,319 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of Ameriprise Financial by 0.7% during the fourth quarter. Federated Hermes Inc. now owns 973,097 shares of the financial services provider's stock worth $477,148,000 after purchasing an additional 6,934 shares during the period. 83.95% of the stock is owned by institutional investors.

Insider Activity

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the transaction, the director directly owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares of the company's stock, valued at approximately $2,883,789.56. The trade was a 50.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Up 2.6%

AMP opened at $458.29 on Wednesday. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The firm has a market capitalization of $41.20 billion, a P/E ratio of 11.40, a PEG ratio of 0.94 and a beta of 1.16. The company's 50-day moving average is $460.35 and its 200 day moving average is $472.55. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm posted $9.50 EPS. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. Research analysts expect that Ameriprise Financial, Inc. will post 43.01 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $1.70 dividend. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, May 4th. Ameriprise Financial's payout ratio is presently 16.91%.

Analysts Set New Price Targets

AMP has been the subject of several research reports. Weiss Ratings raised shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. BMO Capital Markets upped their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research note on Thursday, April 30th. Piper Sandler lifted their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They set a "hold" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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