Allspring Global Investments Holdings LLC Lowers Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Ameriprise Financial by 48.2% in Q2, now holding 21,312 shares valued at approximately $11.48 million.
• Several large investors, including JPMorgan Chase and Goldman Sachs, increased their holdings in Ameriprise Financial, reflecting a strong interest from institutional investors.
• Ameriprise Financial announced a quarterly dividend of $1.60 per share, representing an annualized yield of 1.4%, with a payout ratio of 19.91%.

Allspring Global Investments Holdings LLC trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 48.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,312 shares of the financial services provider's stock after selling 19,823 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ameriprise Financial were worth $11,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Ameriprise Financial by 21.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock valued at $2,819,900,000 after purchasing an additional 1,023,002 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Ameriprise Financial by 55.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,244,788 shares of the financial services provider's stock valued at $1,086,724,000 after purchasing an additional 796,925 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Ameriprise Financial by 28.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock valued at $578,852,000 after purchasing an additional 266,631 shares in the last quarter. Nuveen LLC bought a new stake in shares of Ameriprise Financial in the 1st quarter valued at about $469,334,000. Finally, Royal Bank of Canada raised its holdings in shares of Ameriprise Financial by 1.1% in the 1st quarter. Royal Bank of Canada now owns 733,036 shares of the financial services provider's stock valued at $354,870,000 after purchasing an additional 7,840 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Evercore ISI reduced their price target on shares of Ameriprise Financial from $587.00 to $570.00 and set an "in-line" rating for the company in a report on Thursday, October 9th. Morgan Stanley reduced their price target on shares of Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating for the company in a report on Wednesday, October 1st. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Finally, Piper Sandler boosted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $539.50.

Ameriprise Financial Trading Up 0.5%

NYSE AMP opened at $470.03 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The firm has a market cap of $44.31 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.05 and a beta of 1.26. The company has a 50 day moving average price of $497.70 and a 200 day moving average price of $501.28.

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 (EPS) for the quarter, beating 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 business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $8.72 EPS. Ameriprise Financial's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were paid a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial's dividend payout ratio is presently 19.91%.

Insider Buying and Selling

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

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.

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