Vanguard Group Inc. Cuts Position in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Vanguard Group Inc. has reduced its holdings in Ameriprise Financial, owning approximately 12.86% of the company, after selling 43,488 shares, during the first quarter.
• Ameriprise Financial reported earnings of $9.11 EPS for the last quarter, exceeding analyst expectations, alongside a quarterly revenue of $4.49 billion.
• The company has declared a quarterly dividend of $1.60 per share, with a yield of 1.3%, and initiated a share buyback plan authorizing up to $4.50 billion in repurchases of its own shares.

Vanguard Group Inc. trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,320,875 shares of the financial services provider's stock after selling 43,488 shares during the quarter. Vanguard Group Inc. owned about 12.86% of Ameriprise Financial worth $5,964,659,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of AMP. Goldman Sachs Group Inc. raised its holdings in 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 worth $578,852,000 after buying an additional 266,631 shares during the last quarter. Wealthspire Advisors LLC boosted its holdings in Ameriprise Financial by 3.6% during the 1st quarter. Wealthspire Advisors LLC now owns 2,153 shares of the financial services provider's stock worth $1,042,000 after acquiring an additional 75 shares during the last quarter. iA Global Asset Management Inc. boosted its holdings in Ameriprise Financial by 39.9% during the 1st quarter. iA Global Asset Management Inc. now owns 2,593 shares of the financial services provider's stock worth $1,255,000 after acquiring an additional 740 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Ameriprise Financial during the 1st quarter worth $234,000. Finally, ROI Financial Advisors LLC boosted its holdings in Ameriprise Financial by 18.2% during the 1st quarter. ROI Financial Advisors LLC now owns 1,207 shares of the financial services provider's stock worth $584,000 after acquiring an additional 186 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on AMP shares. William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Piper Sandler lifted their price objective 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. Raymond James Financial lifted their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Finally, Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their target price for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded up $6.06 during trading on Friday, reaching $504.51. 331,576 shares of the stock traded hands, compared to its average volume of 437,351. The stock has a market capitalization of $47.56 billion, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 1.06 and a beta of 1.24. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. The company has a 50-day moving average of $521.95 and a 200-day moving average of $509.54.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share 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 company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the previous year, the business earned $8.72 earnings per share. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has initiated a share buyback program 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 buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

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 given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is 19.91%.

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.