Ameriprise Financial, Inc. $AMP Stock Position Decreased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its Ameriprise Financial stake by 62.6% in the first quarter, leaving it with 79,106 shares valued at about $35.2 million.
• Insider selling included EVP Gerard P. Smyth and Director Robert Francis Sharpe, Jr., both of whom trimmed their holdings in May.
• Ameriprise beat earnings expectations with quarterly EPS of $11.26, and the company also raised its quarterly dividend to $1.70 per share from $1.60.

Assenagon Asset Management S.A. cut its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 62.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,106 shares of the financial services provider's stock after selling 132,397 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of Ameriprise Financial worth $35,155,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cidel Asset Management Inc. increased its position in shares of Ameriprise Financial by 32.3% in the first quarter. Cidel Asset Management Inc. now owns 652 shares of the financial services provider's stock worth $290,000 after acquiring an additional 159 shares in the last quarter. Kennebec Savings Bank lifted its position in shares of Ameriprise Financial by 2.0% in the 1st quarter. Kennebec Savings Bank now owns 3,776 shares of the financial services provider's stock valued at $1,678,000 after acquiring an additional 73 shares in the last quarter. Novare Capital Management LLC lifted its position in shares of Ameriprise Financial by 1.7% in the 1st quarter. Novare Capital Management LLC now owns 26,033 shares of the financial services provider's stock valued at $11,569,000 after acquiring an additional 431 shares in the last quarter. Summit Wealth Partners LLC acquired a new position in Ameriprise Financial in the 1st quarter worth approximately $266,000. Finally, Rainier Family Wealth Inc. boosted its stake in Ameriprise Financial by 15.3% in the 1st quarter. Rainier Family Wealth Inc. now owns 867 shares of the financial services provider's stock worth $385,000 after purchasing an additional 115 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares of the company's stock, valued at $2,883,789.56. This represents a 50.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the transaction, the director 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

Several analysts have issued reports on AMP shares. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research note on Friday, April 10th. They set a "hold" rating on the stock. Piper Sandler lifted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Morgan Stanley upped their price target on Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. BMO Capital Markets increased their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Stock Down 0.1%

Ameriprise Financial stock opened at $452.88 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $550.18. The firm has a fifty day moving average price of $460.54 and a two-hundred day moving average price of $473.07. The firm has a market cap of $40.71 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 0.96 and a beta of 1.16.

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 the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the business earned $9.50 earnings per share. Ameriprise Financial's revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, analysts forecast that Ameriprise Financial, Inc. will post 42.69 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.5%. Ameriprise Financial's dividend payout ratio (DPR) is presently 16.91%.

Ameriprise Financial Company 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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