Brown Advisory Inc. Cuts Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Brown Advisory Inc. cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 42.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,111 shares of the financial services provider's stock after selling 117,157 shares during the quarter. Brown Advisory Inc. owned approximately 0.17% of Ameriprise Financial worth $77,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 49,248.9% in the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after acquiring an additional 2,109,824 shares during the last quarter. Norges Bank purchased a new position in Ameriprise Financial in the 4th quarter worth approximately $689,272,000. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 12.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after acquiring an additional 516,437 shares during the last quarter. Northern Trust Corp raised its holdings in Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after acquiring an additional 209,549 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Ameriprise Financial in the 4th quarter worth approximately $100,138,000. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Raymond James Financial raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $526.43.

Ameriprise Financial Price Performance

Shares of AMP stock traded down $6.34 on Friday, reaching $536.17. 358,381 shares of the company were exchanged, compared to its average volume of 497,559. The company has a market cap of $51.05 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of 1.16 and a beta of 1.23. The business has a 50-day moving average price of $516.21 and a 200 day moving average price of $511.56. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial's quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $8.39 earnings per share. Equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.19%. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's payout ratio is presently 21.75%.

Ameriprise Financial announced that its board has initiated a share repurchase plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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.