Geode Capital Management LLC Sells 25,393 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Geode Capital Management trimmed its Ameriprise Financial stake by 0.9% in the fourth quarter, selling 25,393 shares. It still held 2.82 million shares valued at about $1.38 billion, representing 3.03% of the company.
• Ameriprise reported better-than-expected quarterly earnings of $11.26 per share, though revenue came in slightly below estimates at $4.77 billion. Revenue still rose 9.7% year over year.
• The company raised its quarterly dividend to $1.70 per share from $1.60, equal to an annualized payout of $6.80 and a 1.5% yield. Several analysts also nudged price targets higher, but the stock’s consensus rating remains Hold.

Geode Capital Management LLC reduced its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,815,974 shares of the financial services provider's stock after selling 25,393 shares during the quarter. Geode Capital Management LLC owned 3.03% of Ameriprise Financial worth $1,377,893,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Ameriprise Financial by 6.9% during the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after acquiring an additional 50 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Ameriprise Financial by 11.8% during the 1st quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider's stock valued at $2,915,000 after acquiring an additional 634 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Ameriprise Financial by 14.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider's stock valued at $312,000 after acquiring an additional 72 shares in the last quarter. Schnieders Capital Management LLC. acquired a new stake in shares of Ameriprise Financial during the 2nd quarter valued at $313,000. Finally, Gabelli Funds LLC boosted its holdings in shares of Ameriprise Financial by 224.8% during the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock valued at $2,253,000 after acquiring an additional 2,922 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Piper Sandler raised their price objective on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a report on Monday, May 4th. BMO Capital Markets raised their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $600.00 to $620.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Morgan Stanley raised their price objective on Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $605.00 price objective (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and an average price target of $543.22.

Ameriprise Financial Stock Down 0.8%

Shares of NYSE:AMP opened at $439.68 on Friday. The firm has a market cap of $39.53 billion, a P/E ratio of 10.93, a P/E/G ratio of 1.05 and a beta of 1.20. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $550.18. The business has a fifty day simple moving average of $455.01 and a 200 day simple moving average of $473.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $9.50 EPS. Analysts predict that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.5%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's dividend payout ratio is 16.91%.

Insider Buying and Selling at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 6,255 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the transaction, the director directly owned 6,300 shares of the company's stock, valued at approximately $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by company insiders.

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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