Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in Ameriprise Financial by 1.4%, holding approximately 364,921 shares valued at $176.66 million after selling 5,174 shares in Q1.
• Ameriprise Financial reported $9.11 EPS for the last quarter, surpassing expectations and showing a 2.2% year-over-year revenue growth to $4.49 billion.
• The company announced a quarterly dividend of $1.60 per share, resulting in an annualized yield of 1.3%, with plans for a $4.50 billion share buyback program to repurchase up to 9.9% of its stock.

PNC Financial Services Group Inc. lowered its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 364,921 shares of the financial services provider's stock after selling 5,174 shares during the period. PNC Financial Services Group Inc. owned about 0.38% of Ameriprise Financial worth $176,662,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AMP. Castellan Group increased its position in shares of Ameriprise Financial by 103.6% in the first quarter. Castellan Group now owns 10,970 shares of the financial services provider's stock worth $5,311,000 after acquiring an additional 5,582 shares in the last quarter. Commerce Bank increased its position in shares of Ameriprise Financial by 1.1% in the first quarter. Commerce Bank now owns 21,287 shares of the financial services provider's stock worth $10,305,000 after acquiring an additional 236 shares in the last quarter. Hopwood Financial Services Inc. increased its position in shares of Ameriprise Financial by 30.3% in the first quarter. Hopwood Financial Services Inc. now owns 215 shares of the financial services provider's stock worth $104,000 after acquiring an additional 50 shares in the last quarter. Jefferies Financial Group Inc. increased its position in shares of Ameriprise Financial by 5,703.4% in the first quarter. Jefferies Financial Group Inc. now owns 30,526 shares of the financial services provider's stock worth $14,778,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in shares of Ameriprise Financial by 2.9% in the first quarter. Natixis Advisors LLC now owns 128,291 shares of the financial services provider's stock worth $62,107,000 after acquiring an additional 3,663 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

AMP stock opened at $501.61 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.60 and a current ratio of 0.62. The stock has a market cap of $47.76 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.07 and a beta of 1.24. The firm has a 50 day simple moving average of $522.52 and a 200 day simple moving average of $510.91. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05.

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

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $1.60 dividend. The ex-dividend date is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial's payout ratio is 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 shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AMP shares. Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their target price for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Raymond James Financial lifted their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday. 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. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.