Prudential PLC Trims Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Prudential PLC reduced its stake in Ameriprise Financial by 31.6% in the first quarter, now holding shares worth $602,000.
• Ameriprise Financial's stock is currently valued at $502.75 with a market cap of $47.39 billion, down 2.1% recently.
• The company reported a 9.11 EPS for the recent quarter, beating expectations and indicating a revenue increase of 2.2% year-over-year.

Prudential PLC reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 31.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,243 shares of the financial services provider's stock after selling 574 shares during the quarter. Prudential PLC's holdings in Ameriprise Financial were worth $602,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AMP. JPMorgan Chase & Co. grew its stake in shares of Ameriprise Financial by 21.3% during the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock valued at $2,819,900,000 after buying an additional 1,023,002 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock valued at $1,023,461,000 after buying an additional 2,109,824 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Ameriprise Financial by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock valued at $770,886,000 after buying an additional 23,655 shares during the last quarter. Northern Trust Corp grew its stake in shares of Ameriprise Financial by 19.8% during the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock valued at $675,344,000 after buying an additional 209,549 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Ameriprise Financial by 28.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock valued at $578,852,000 after buying an additional 266,631 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Stock Down 0.4%

Shares of AMP traded down $2.23 during midday trading on Thursday, hitting $503.17. 64,461 shares of the company's stock traded hands, compared to its average volume of 503,452. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The firm's fifty day moving average is $521.06 and its 200-day moving average is $506.62. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $47.43 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $8.72 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's dividend payout ratio is currently 19.91%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AMP. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their target price for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Piper Sandler boosted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Finally, Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. One 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 assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price 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.