Ameriprise Financial, Inc. $AMP Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its position in Ameriprise Financial (NYSE:AMP) by 49.6%, holding 44,768 shares valued at approximately $21.67 million after the sale.
• Several hedge funds, including GAMMA Investing LLC and JPMorgan Chase & Co., significantly increased their stakes in Ameriprise Financial during the first quarter, with GAMMA raising its stake by an extraordinary 49,248.9%.
• Ameriprise Financial reported earnings per share of $9.11 for the last quarter, surpassing estimates and showing a year-over-year revenue increase of 2.2%.

Adage Capital Partners GP L.L.C. cut its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 49.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,768 shares of the financial services provider's stock after selling 44,050 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Ameriprise Financial were worth $21,673,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of AMP. Brighton Jones LLC boosted its holdings in Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after purchasing an additional 50 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at $633,000. Cary Street Partners Financial LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $876,000. Bridgefront Capital LLC acquired a new position in Ameriprise Financial in the 4th quarter worth $221,000. Finally, Cetera Investment Advisers boosted its stake in Ameriprise Financial by 1.6% in the 4th quarter. Cetera Investment Advisers now owns 36,595 shares of the financial services provider's stock worth $19,484,000 after purchasing an additional 565 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Raymond James Financial increased their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their price target for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Royal Bank Of Canada boosted their price target 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. Finally, Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $534.71.

Insider Activity at Ameriprise Financial

In related news, EVP Heather J. Melloh sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares in the company, valued at approximately $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William F. Truscott sold 9,929 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.57% of the company's stock.

Ameriprise Financial Trading Down 0.4%

NYSE AMP traded down $2.22 during trading on Wednesday, hitting $491.12. The company had a trading volume of 48,335 shares, compared to its average volume of 497,715. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The company has a market cap of $46.30 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 1.05 and a beta of 1.27. The company's fifty day moving average is $518.50 and its 200-day moving average is $503.51.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. The business had revenue of $4.49 billion during 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%. Ameriprise Financial's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $8.72 EPS. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given a dividend of $1.60 per share. The ex-dividend date was 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%.

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.