Cresset Asset Management LLC Sells 1,940 Shares of Ameriprise Financial, Inc. $AMP

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Cresset Asset Management LLC lowered its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 22.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,738 shares of the financial services provider's stock after selling 1,940 shares during the period. Cresset Asset Management LLC's holdings in Ameriprise Financial were worth $3,262,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock worth $2,819,900,000 after purchasing an additional 1,023,002 shares during the period. GAMMA Investing LLC increased its position in shares of Ameriprise Financial by 49,248.9% in the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Ameriprise Financial by 1.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock worth $770,886,000 after purchasing an additional 23,655 shares during the period. Northern Trust Corp increased its position in shares of Ameriprise Financial by 19.8% in the fourth 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 during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Ameriprise Financial by 28.7% in 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 purchasing an additional 266,631 shares during the period. Institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on AMP. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their target price for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Piper Sandler lifted their target price on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Raymond James Financial lifted their target price on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $534.71.

Ameriprise Financial Trading Up 2.1%

Shares of AMP stock traded up $10.6240 during mid-day trading on Friday, reaching $515.8540. 441,906 shares of the stock traded hands, compared to its average volume of 411,409. The stock's fifty day simple moving average is $521.12 and its two-hundred day simple moving average is $506.26. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The company has a market cap of $48.63 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.07 and a beta of 1.24. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the firm posted $8.72 earnings per share. The business's revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's payout ratio is currently 19.91%.

Insider Activity at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer directly owned 11,047 shares of the company's stock, valued at $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

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.