AustralianSuper Pty Ltd Sells 217,832 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

AustralianSuper Pty Ltd cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 85.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,477 shares of the financial services provider's stock after selling 217,832 shares during the period. AustralianSuper Pty Ltd's holdings in Ameriprise Financial were worth $18,627,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock valued at $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. Norges Bank acquired a new position in Ameriprise Financial during the 4th quarter worth about $689,272,000. JPMorgan Chase & Co. lifted its stake in shares of 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 valued at $2,556,683,000 after purchasing an additional 516,437 shares during the period. Northern Trust Corp increased its holdings in Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $100,138,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Wall Street Analyst Weigh In

AMP has been the topic of a number of research reports. Royal Bank Of Canada raised their price target on Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their target price for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. 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 research note on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods increased 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 report on Wednesday, July 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $524.71.

Ameriprise Financial Stock Performance

AMP traded up $1.96 during trading on Wednesday, hitting $538.54. 73,567 shares of the stock were exchanged, compared to its average volume of 488,119. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $51.28 billion, a P/E ratio of 18.30, a PEG ratio of 1.14 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 stock has a fifty day moving average price of $521.30 and a two-hundred day moving average price of $511.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued 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. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same quarter in the prior year, the business posted $8.39 earnings per share. Ameriprise Financial's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has approved a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio (DPR) is currently 21.75%.

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.