Candriam S.C.A. Sells 34,907 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Candriam S.C.A. reduced its stake in Ameriprise Financial by 33.0%, selling 34,907 shares during the 1st quarter, bringing its total holdings to 71,004 shares worth approximately $34.37 million.
• Recent analyst ratings show multiple upgrades and changes, with the consensus price target for Ameriprise Financial now at $534.71 after adjustments by firms including Keefe, Bruyette & Woods and Royal Bank of Canada.
• Ameriprise Financial has declared a quarterly dividend of $1.60 per share, representing an annual yield of 1.3%, and has approved a $4.5 billion stock repurchase program, indicating confidence in its stock value.

Candriam S.C.A. trimmed its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 33.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,004 shares of the financial services provider's stock after selling 34,907 shares during the period. Candriam S.C.A. owned about 0.07% of Ameriprise Financial worth $34,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Forum Financial Management LP boosted its stake in Ameriprise Financial by 1.4% in the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after purchasing an additional 21 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in Ameriprise Financial by 1.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after acquiring an additional 21 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its stake in Ameriprise Financial by 3.0% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after acquiring an additional 21 shares during the period. Argent Trust Co lifted its stake in Ameriprise Financial by 1.3% during the 1st quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock valued at $822,000 after acquiring an additional 21 shares during the period. Finally, Ritholtz Wealth Management lifted its stake in Ameriprise Financial by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock valued at $852,000 after acquiring an additional 22 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Piper Sandler lifted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada lifted their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $505.4040 on Wednesday. The firm has a market cap of $47.65 billion, a PE ratio of 15.73, a PEG ratio of 1.08 and a beta of 1.24. The firm has a fifty day moving average of $521.26 and a 200 day moving average of $506.63. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued 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 company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm's revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.72 EPS. As a group, research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's payout ratio is presently 19.91%.

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

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.

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