Ameriprise Financial, Inc. $AMP Shares Sold by Northwest & Ethical Investments L.P.

Key Points

• Northwest & Ethical Investments L.P. reduced its stake in Ameriprise Financial by 42.4%, now holding 11,887 shares valued at approximately $5.76 million.
• Ameriprise Financial's recent quarterly earnings exceeded expectations, reporting $9.11 EPS and revenue of $4.49 billion, indicating a 2.2% increase year-over-year.
• The company announced a share buyback program to repurchase up to $4.50 billion in outstanding shares, signaling a belief that its stock is undervalued.

Northwest & Ethical Investments L.P. trimmed its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 42.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,887 shares of the financial services provider's stock after selling 8,734 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Ameriprise Financial were worth $5,755,000 as of its most recent filing with the Securities and Exchange Commission.

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

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $502.75 on Monday. 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, Inc. has a one year low of $396.14 and a one year high of $582.05. The company's 50-day simple moving average is $521.74 and its 200-day simple moving average is $506.90. The stock has a market capitalization of $47.39 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.07 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 EPS for the quarter, topping 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 quarter last year, the company posted $8.72 earnings per share. The company's quarterly revenue was up 2.2% compared to the same quarter last year. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has initiated a share buyback program on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AMP shares. Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Raymond James Financial upped their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Piper Sandler upped their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Finally, Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target 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.

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