Ameriprise Financial, Inc. $AMP Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Ameriprise Financial by 4.8%, holding 26,751 shares worth approximately $12.95 million.
• Several institutional investors increased their positions significantly, with GAMMA Investing LLC growing its stake by 49,248.9% to over $1 billion and JPMorgan Chase & Co. lifting its stake by 21.3%.
• Ameriprise Financial reported quarterly earnings of $9.11 per share, exceeding estimates, with revenue reaching $4.49 billion, a 2.2% increase year-over-year.

Corebridge Financial Inc. cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,751 shares of the financial services provider's stock after selling 1,360 shares during the period. Corebridge Financial Inc.'s holdings in Ameriprise Financial were worth $12,950,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in Ameriprise Financial in the 4th quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the 1st quarter worth about $36,000. Quarry LP boosted its holdings in Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC boosted its holdings in Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after buying an additional 49 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Trading Down 0.2%

Shares of AMP stock traded down $1.17 during trading on Friday, hitting $515.46. 418,838 shares of the stock traded hands, compared to its average volume of 386,783. The firm has a market capitalization of $48.59 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 1.10 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The firm's fifty day moving average price is $521.88 and its 200-day moving average price is $505.44. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05.

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. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.72 EPS. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial's payout ratio is presently 19.91%.

Analysts Set New Price Targets

AMP has been the topic of several research analyst reports. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their target price for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Raymond James Financial boosted their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Finally, Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $534.71.

Insider Transactions at Ameriprise Financial

In other news, CEO William F. Truscott sold 9,929 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the sale, the chief executive officer owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is currently owned by insiders.

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.