Ameriprise Financial, Inc. $AMP Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group trimmed its Ameriprise Financial stake by 5% in the first quarter, selling 11,059 shares and leaving it with 210,219 shares valued at about $93.4 million.
• Ameriprise shares rose 1.5% to $507.69 in Friday trading, with the stock sitting well above its 52-week low but below its 52-week high. The company’s market cap is about $45.6 billion.
• Ameriprise reported strong quarterly earnings, posting $11.26 EPS versus the $10.21 consensus estimate, and it also raised its dividend to $1.70 per quarter from $1.60.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 210,219 shares of the financial services provider's stock after selling 11,059 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Ameriprise Financial worth $93,421,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. SouthState Bank Corp increased its holdings in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 22 shares in the last quarter. Holos Integrated Wealth LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $30,000. Ares Financial Consulting LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $32,000. Prosperity Bancshares Inc purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $33,000. Finally, Evolution Wealth Management Inc. acquired a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $34,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Trading Up 1.5%

Shares of Ameriprise Financial stock traded up $7.53 during mid-day trading on Friday, hitting $507.69. 456,166 shares of the stock were exchanged, compared to its average volume of 755,899. The stock has a market capitalization of $45.64 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 1.04 and a beta of 1.16. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The company has a 50-day simple moving average of $464.92 and a 200 day simple moving average of $472.97.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company's revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.50 earnings per share. Research analysts forecast that Ameriprise Financial, Inc. will post 43.29 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, May 4th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's dividend payout ratio is presently 16.91%.

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the sale, the director directly owned 6,300 shares of the company's stock, valued at approximately $2,934,729. This represents a 16.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AMP. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research note on Friday. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a research note on Friday, April 10th. They issued a "hold" rating on the stock. BMO Capital Markets increased their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Jefferies Financial Group raised their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Piper Sandler boosted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $548.44.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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