Rafferty Asset Management LLC Trims Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Rafferty Asset Management LLC reduced its holdings in Ameriprise Financial by 7.8%, now owning 31,539 shares valued at approximately $15.27 million.
• Ameriprise Financial reported a quarterly earnings of $9.11 per share, exceeding analysts' expectations of $9.00, with a revenue of $4.49 billion, marking a 2.2% year-over-year increase.
• The company declared a quarterly dividend of $1.60 per share, translating to an annual dividend of $6.40 and a yield of 1.2%.

Rafferty Asset Management LLC lowered its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,539 shares of the financial services provider's stock after selling 2,685 shares during the quarter. Rafferty Asset Management LLC's holdings in Ameriprise Financial were worth $15,268,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at $31,000. Opal Wealth Advisors LLC bought a new stake in Ameriprise Financial during the 1st quarter valued at $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 valued at $46,000 after acquiring an additional 52 shares in the last quarter. 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 valued at $47,000 after acquiring an additional 49 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Piper Sandler increased their target price on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Raymond James Financial increased their target price on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada increased their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $534.71.

Insider Transactions at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer owned 11,047 shares in the company, valued at $5,599,613.83. This trade represents a 47.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.73% of the stock is owned by company insiders.

Ameriprise Financial Stock Performance

AMP stock traded down $1.17 during midday trading on Friday, reaching $515.46. The stock had a trading volume of 418,838 shares, compared to its average volume of 386,783. The stock has a market cap of $48.59 billion, a PE ratio of 16.04, a P/E/G ratio of 1.10 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a fifty day simple moving average of $521.88 and a two-hundred day simple moving average of $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 issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $8.72 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

About Ameriprise Financial

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.