Comerica Bank Cuts Stock Position in Ameriprise Financial, Inc. $AMP

Comerica Bank reduced its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 9.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,989 shares of the financial services provider's stock after selling 3,091 shares during the quarter. Comerica Bank's holdings in Ameriprise Financial were worth $15,195,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMP. Holos Integrated Wealth LLC purchased a new stake in Ameriprise Financial during the 4th quarter valued at about $30,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the 3rd quarter valued at about $32,000. WFA of San Diego LLC purchased a new stake in Ameriprise Financial during the 2nd quarter valued at about $36,000. Salomon & Ludwin LLC boosted its holdings in Ameriprise Financial by 76.8% during the 3rd quarter. Salomon & Ludwin LLC now owns 99 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 43 shares during the period. Finally, Corundum Trust Company INC purchased a new stake in Ameriprise Financial during the 3rd quarter valued at about $49,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on AMP. Morgan Stanley dropped their target price on Ameriprise Financial from $485.00 to $452.00 and set an "underweight" rating for the company in a report on Friday, April 10th. Piper Sandler dropped their target price on Ameriprise Financial from $530.00 to $460.00 and set a "hold" rating for the company in a report on Tuesday, April 7th. Jefferies Financial Group increased their target price on Ameriprise Financial from $600.00 to $620.00 and gave the company a "buy" rating in a report on Monday, February 2nd. BMO Capital Markets increased their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Finally, Raymond James Financial set a $582.00 target price on Ameriprise Financial and gave the company a "strong-buy" rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $540.33.

Ameriprise Financial Trading Down 0.5%

AMP opened at $475.60 on Wednesday. The business has a 50 day simple moving average of $454.79 and a two-hundred day simple moving average of $474.18. The firm has a market capitalization of $43.36 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.17 and a beta of 1.27. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.68. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $550.18.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.50 EPS. Analysts predict that Ameriprise Financial, Inc. will post 41.24 EPS for the current year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is 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 15.92%.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CEO William F. Truscott sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the completion of the transaction, the chief executive officer owned 12,149 shares of the company's stock, valued at $6,464,239.92. This represents a 29.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gumer Alvero sold 4,658 shares of the company's stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $542.88, for a total value of $2,528,735.04. Following the transaction, the insider directly owned 4,621 shares of the company's stock, valued at $2,508,648.48. The trade was a 50.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,658 shares of company stock valued at $8,998,675 in the last 90 days. Insiders own 0.60% of the company's stock.

About Ameriprise Financial

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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