USS Investment Management Ltd Reduces Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

USS Investment Management Ltd trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 7.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,900 shares of the financial services provider's stock after selling 1,647 shares during the period. USS Investment Management Ltd's holdings in Ameriprise Financial were worth $10,599,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AMP. Norges Bank acquired a new stake in Ameriprise Financial in the 4th quarter worth about $689,272,000. JPMorgan Chase & Co. boosted its stake 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 buying an additional 516,437 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Ameriprise Financial by 79,679.4% in the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock worth $197,943,000 after buying an additional 371,306 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Ameriprise Financial by 429.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider's stock worth $222,103,000 after buying an additional 338,298 shares during the last quarter. Finally, Northern Trust Corp boosted its stake 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 buying an additional 209,549 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Royal Bank of Canada raised their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Morgan Stanley lifted their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Wall Street Zen lowered Ameriprise Financial from a "hold" rating to a "sell" rating in a research note on Thursday. Piper Sandler lifted their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $517.13.

Ameriprise Financial Stock Down 0.7%

Ameriprise Financial stock traded down $3.51 during midday trading on Friday, hitting $504.70. 379,427 shares of the company were exchanged, compared to its average volume of 493,588. The company's fifty day moving average price is $482.22 and its 200-day moving average price is $520.24. The company has a market cap of $48.06 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, topping the consensus estimate 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 return on equity of 69.35% and a net margin of 19.70%. Ameriprise Financial's revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $8.39 EPS. On average, research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a yield of 1.27%. Ameriprise Financial's payout ratio is 21.75%.

Ameriprise Financial declared that its board has approved a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

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.