Pacer Advisors Inc. Has $2.83 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Pacer Advisors Inc. sold 4,845 shares of Ameriprise Financial, reducing its holdings by 45.4%, leaving them with a total of 5,835 shares valued at $2.825 million.
• Ameriprise Financial reported earnings of $9.11 per share for the last quarter, exceeding expectations of $9.00, with a revenue of $4.49 billion which is 2.2% higher than the previous year.
• The company approved a $4.5 billion stock buyback plan, indicating that the board believes its shares are undervalued, while also planning to distribute a dividend of $1.60 per share on August 18.

Pacer Advisors Inc. lowered its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 45.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,835 shares of the financial services provider's stock after selling 4,845 shares during the period. Pacer Advisors Inc.'s holdings in Ameriprise Financial were worth $2,825,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after acquiring an additional 83 shares in the last quarter. Spire Wealth Management grew its stake in Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after acquiring an additional 683 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock valued at $470,000 after acquiring an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Ameriprise Financial by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock valued at $12,055,000 after acquiring an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in Ameriprise Financial by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after purchasing an additional 420 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Down 3.2%

NYSE AMP traded down $16.58 on Friday, reaching $501.61. The company had a trading volume of 496,021 shares, compared to its average volume of 516,857. The firm has a market capitalization of $47.76 billion, a PE ratio of 15.61, a P/E/G ratio of 1.11 and a beta of 1.23. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The firm has a 50-day moving average of $522.58 and a 200-day moving average of $511.26. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60.

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

Ameriprise Financial Dividend Announcement

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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AMP shares. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their target price for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Piper Sandler lifted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Finally, William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial Company 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.