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Foster & Motley Inc. Sells 656 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Ameriprise Financial logo with Finance background

Key Points

  • Foster & Motley Inc. reduced its holdings in Ameriprise Financial by 2.9%, selling 656 shares and owning 21,971 shares worth approximately $10.64 million at the end of the quarter.
  • Ameriprise Financial reported earnings per share (EPS) of $9.11 in its latest quarterly earnings, exceeding expectations and showing a 2.2% revenue growth compared to the previous year.
  • The company has initiated a $4.50 billion share repurchase program, indicating confidence in its stock value and potentially impacting share price positively.
  • MarketBeat previews top five stocks to own in September.

Foster & Motley Inc. reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,971 shares of the financial services provider's stock after selling 656 shares during the period. Foster & Motley Inc.'s holdings in Ameriprise Financial were worth $10,636,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Ameriprise Financial by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock worth $1,407,607,000 after purchasing an additional 38,141 shares during the period. GAMMA Investing LLC increased its stake in Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock valued at $1,023,461,000 after acquiring an additional 2,109,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Ameriprise Financial by 1.7% in the 4th 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 acquiring an additional 23,655 shares during the period. Northern Trust Corp grew its holdings in shares of Ameriprise Financial by 19.8% during the 4th 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 in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Ameriprise Financial by 17.9% during the 1st quarter. Federated Hermes Inc. now owns 610,322 shares of the financial services provider's stock worth $295,463,000 after purchasing an additional 92,653 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on AMP. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their target price for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. William Blair cut shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday. 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 report on Thursday, July 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Hold" and a consensus price target of $534.71.

Get Our Latest Stock Report on AMP

Ameriprise Financial Price Performance

Shares of NYSE:AMP traded down $16.58 during trading on Friday, reaching $501.61. The stock had a trading volume of 496,021 shares, compared to its average volume of 426,394. The stock has a market capitalization of $47.76 billion, a PE ratio of 15.61, a P/E/G ratio of 1.11 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The business's 50-day moving average price is $522.52 and its 200 day moving average price is $511.09.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.00 by $0.11. The firm 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 65.90% and a net margin of 18.30%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $8.72 EPS. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share buyback program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

About Ameriprise Financial

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Ameriprise Financial (NYSE:AMP)

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