Bank of New York Mellon Corp Reduces Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Bank of New York Mellon cut its Ameriprise Financial stake by 11.3% in the fourth quarter, selling 92,213 shares and leaving it with 724,013 shares valued at about $355 million.
• Ameriprise reported better-than-expected quarterly earnings of $11.26 per share, beating estimates, while revenue rose 9.7% year over year to $4.77 billion.
• The company also raised its quarterly dividend to $1.70 per share from $1.60, and analysts currently have an average rating of Hold with a consensus price target of $543.22.

Bank of New York Mellon Corp lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 11.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 724,013 shares of the financial services provider's stock after selling 92,213 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.78% of Ameriprise Financial worth $355,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its position in Ameriprise Financial by 0.4% during the 3rd quarter. State Street Corp now owns 4,420,072 shares of the financial services provider's stock worth $2,171,360,000 after purchasing an additional 18,879 shares in the last quarter. Norges Bank acquired a new stake in Ameriprise Financial in the 4th quarter worth about $742,438,000. Boston Partners boosted its stake in Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock worth $586,083,000 after buying an additional 13,172 shares during the last quarter. Legal & General Group Plc boosted its stake in Ameriprise Financial by 11.5% in the 3rd quarter. Legal & General Group Plc now owns 634,413 shares of the financial services provider's stock worth $311,655,000 after buying an additional 65,687 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Ameriprise Financial by 18.4% in the 3rd quarter. AQR Capital Management LLC now owns 589,570 shares of the financial services provider's stock worth $289,626,000 after buying an additional 91,697 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at $2,883,789.56. This represents a 50.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the sale, the director owned 6,300 shares of the company's stock, valued at $2,934,729. This trade represents a 16.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

AMP has been the topic of a number of research analyst reports. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the stock a "strong-buy" rating in a research note on Wednesday, February 11th. Morgan Stanley lifted their price objective on Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a research note on Friday, April 10th. They issued a "hold" rating on the stock. BMO Capital Markets lifted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Ameriprise Financial presently has an average rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $455.46 on Friday. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $550.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $40.95 billion, a P/E ratio of 11.33, a P/E/G ratio of 1.04 and a beta of 1.16. The company's fifty day moving average price is $455.85 and its two-hundred day moving average price is $472.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the business earned $9.50 EPS. Ameriprise Financial's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's dividend payout ratio is currently 16.91%.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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