Equitable Trust Co. Has $5.11 Million Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Equitable Trust Co. reduced its stake in Ameriprise Financial by 19.1%, owning 10,548 shares valued at $5.11 million after selling 2,488 shares in the first quarter.
• Ameriprise Financial reported earnings of $9.11 per share, exceeding expectations and showing a 2.2% year-over-year revenue increase of $4.49 billion.
• The company has authorized a $4.50 billion stock buyback program, indicating management's belief that the stock is undervalued.

Equitable Trust Co. lessened its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 19.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,548 shares of the financial services provider's stock after selling 2,488 shares during the quarter. Equitable Trust Co.'s holdings in Ameriprise Financial were worth $5,106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. HighPoint Advisor Group LLC lifted its position in shares of Ameriprise Financial by 0.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock worth $1,419,000 after buying an additional 20 shares during the period. Forum Financial Management LP lifted its position in shares of Ameriprise Financial by 1.4% during the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after buying an additional 21 shares during the period. Pinnacle Associates Ltd. lifted its position in shares of Ameriprise Financial by 1.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock worth $665,000 after buying an additional 21 shares during the period. Ritholtz Wealth Management lifted its position in shares of Ameriprise Financial by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock worth $852,000 after buying an additional 22 shares during the period. Finally, Apella Capital LLC lifted its position in shares of Ameriprise Financial by 4.1% during the 1st quarter. Apella Capital LLC now owns 581 shares of the financial services provider's stock worth $275,000 after buying an additional 23 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Ratings Changes

AMP has been the subject of several research analyst reports. Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a research report on Monday, April 7th. Morgan Stanley downgraded Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their price objective for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial presently has an average rating of "Hold" and an average target price of $524.71.

Ameriprise Financial Trading Down 3.5%

AMP stock opened at $518.00 on Friday. The company has a market cap of $49.32 billion, a P/E ratio of 17.60, a PEG ratio of 1.15 and a beta of 1.23. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10. The business has a fifty day moving average of $522.30 and a 200-day moving average of $511.49.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.72 earnings per share. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.24%. Ameriprise Financial's payout ratio is currently 21.75%.

Ameriprise Financial announced that its board has authorized a share repurchase program on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is 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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