Hsbc Holdings PLC Raises Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• HSBC Holdings PLC increased its stake in Ameriprise Financial by 3.7% in the fourth quarter, adding 21,017 shares to bring its total to 593,738 shares valued at about $291.6 million.
• Ameriprise reported strong quarterly earnings of $11.26 per share, beating expectations by $1.05, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its quarterly dividend to $1.70 per share from $1.60, and analysts currently assign it a consensus "Hold" rating with an average price target of $543.22.

Hsbc Holdings PLC raised its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 593,738 shares of the financial services provider's stock after purchasing an additional 21,017 shares during the quarter. Hsbc Holdings PLC owned about 0.65% of Ameriprise Financial worth $291,615,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. State Street Corp increased its holdings 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 worth $2,171,360,000 after buying an additional 18,879 shares during the last quarter. Norges Bank acquired a new position in Ameriprise Financial in the fourth quarter valued at approximately $742,438,000. Boston Partners lifted its holdings in Ameriprise Financial by 1.1% in the third quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock valued at $586,083,000 after acquiring an additional 13,172 shares during the last quarter. AQR Capital Management LLC grew its position in 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 acquiring an additional 496,319 shares during the period. Finally, Federated Hermes Inc. grew its position in Ameriprise Financial by 0.7% in the fourth quarter. Federated Hermes Inc. now owns 973,097 shares of the financial services provider's stock worth $477,148,000 after acquiring an additional 6,934 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $488.68 on Friday. 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 52-week low of $422.37 and a 52-week high of $550.18. The firm has a market cap of $43.93 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.00 and a beta of 1.16. The company's 50 day moving average is $461.34 and its two-hundred day moving average is $472.38.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm posted $9.50 earnings per share. The company's quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts expect that Ameriprise Financial, Inc. will post 43.01 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a dividend of $1.70 per share. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is currently 16.91%.

Insider Transactions at Ameriprise Financial

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. BMO Capital Markets lifted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Weiss Ratings raised Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Keefe, Bruyette & Woods assumed coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a "hold" rating on the stock. Morgan Stanley upped their target price on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. Finally, Piper Sandler increased their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial presently has a consensus rating of "Hold" and an average price target of $543.22.

Ameriprise Financial 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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.