Alliancebernstein L.P. Has $64.93 Million Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Alliancebernstein L.P. reduced its holdings in Ameriprise Financial by 1.9%, owning 134,121 shares after selling 2,645 shares during Q1, with a total value of approximately $64.9 million.
• Ameriprise recently reported earnings of $9.11 EPS, exceeding analysts' expectations, alongside a 2.2% year-over-year increase in quarterly revenue.
• Analysts have mixed ratings for Ameriprise, with one Strong Buy, four Hold, two Sell ratings, and an average target price of $534.71.

Alliancebernstein L.P. lessened its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,121 shares of the financial services provider's stock after selling 2,645 shares during the quarter. Alliancebernstein L.P. owned 0.14% of Ameriprise Financial worth $64,929,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Forum Financial Management LP increased its stake in Ameriprise Financial by 1.4% in the fourth quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock valued at $790,000 after acquiring an additional 21 shares during the period. Pinnacle Associates Ltd. lifted its stake in Ameriprise Financial by 1.6% during the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock worth $665,000 after purchasing an additional 21 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in Ameriprise Financial by 3.0% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after purchasing an additional 21 shares in the last quarter. Argent Trust Co grew its stake in shares of Ameriprise Financial by 1.3% in the 1st quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock valued at $822,000 after purchasing an additional 21 shares during the period. Finally, Ritholtz Wealth Management raised its holdings in shares of Ameriprise Financial by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock worth $852,000 after buying an additional 22 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the sale, the chief executive officer directly owned 11,047 shares in the company, valued at $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the sale, the executive vice president directly owned 2,562 shares of the company's stock, valued at $1,312,615.08. This represents a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Ameriprise Financial Price Performance

Shares of NYSE AMP traded down $3.82 during trading on Friday, reaching $497.15. The company had a trading volume of 302,141 shares, compared to its average volume of 401,374. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The business's 50 day moving average price is $515.73 and its 200-day moving average price is $503.05. The stock has a market cap of $46.87 billion, a PE ratio of 15.47, a PEG ratio of 1.07 and a beta of 1.27. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the prior year, the firm earned $8.72 earnings per share. Ameriprise Financial's revenue was up 2.2% compared to the same quarter last year. Analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is 19.91%.

Analysts Set New Price Targets

AMP has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their price objective for the company from $462.00 to $530.00 in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and an average target price of $534.71.

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.