Edgestream Partners L.P. Reduces Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Edgestream Partners L.P. cut its Ameriprise Financial stake by 92.6% in the first quarter, selling 12,368 shares and retaining 991 shares valued at approximately $440,000. Despite the reduction, institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also declared a quarterly dividend of $1.70 per share, equivalent to a 1.2% annualized yield.
• AMP shares opened at $560.85, near their 12-month high, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $555.33. Recent insider activity was negative, with executives selling 34,571 shares worth $18.2 million over three months.

Edgestream Partners L.P. lowered its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 92.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 991 shares of the financial services provider's stock after selling 12,368 shares during the period. Edgestream Partners L.P.'s holdings in Ameriprise Financial were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AMP. State Street Corp increased its position in shares of 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 valued at $2,171,360,000 after purchasing an additional 18,879 shares during the last quarter. Norges Bank bought a new position in shares of Ameriprise Financial in the 4th quarter worth approximately $742,438,000. Boston Partners boosted its holdings in shares of Ameriprise Financial by 1.1% in the third 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. AQR Capital Management LLC boosted its holdings in shares of Ameriprise Financial by 84.2% in the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock worth $532,455,000 after buying an additional 496,319 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock worth $455,387,000 after buying an additional 19,731 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 1.3%

AMP stock opened at $560.85 on Thursday. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $564.30. The company has a quick ratio of 0.66, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $50.42 billion, a P/E ratio of 13.53, a PEG ratio of 0.74 and a beta of 1.14. The business's 50-day moving average price is $490.90 and its 200-day moving average price is $477.20.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $9.11 EPS. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.12 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial's payout ratio is currently 16.40%.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research reports. Zacks Research raised shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Piper Sandler increased their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. BMO Capital Markets boosted their price objective on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Weiss Ratings upgraded Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $555.33.

Insider Activity

In other news, CFO Walter Stanley Berman sold 11,012 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the sale, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 34,571 shares of company stock valued at $18,227,419. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Company 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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