Kestra Advisory Services LLC Sells 3,322 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Kestra Advisory Services LLC cut its Ameriprise Financial stake by 34.3% in the first quarter, selling 3,322 shares and leaving it with 6,361 shares worth about $2.83 million.
• Ameriprise reported strong quarterly earnings of $11.26 per share, topping estimates, 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 Wall Street’s consensus rating remains Hold with an average price target of $553.67.

Kestra Advisory Services LLC lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 34.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,361 shares of the financial services provider's stock after selling 3,322 shares during the period. Kestra Advisory Services LLC's holdings in Ameriprise Financial were worth $2,827,000 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 AMP. PFG Investments LLC increased its stake in shares of Ameriprise Financial by 1.4% during the fourth quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock valued at $729,000 after buying an additional 21 shares during the period. Institute for Wealth Management LLC. boosted its holdings in Ameriprise Financial by 3.6% in the fourth quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider's stock valued at $297,000 after acquiring an additional 21 shares in the last quarter. EPG Wealth Management LLC boosted its holdings in Ameriprise Financial by 0.8% in the fourth quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock valued at $1,331,000 after acquiring an additional 21 shares in the last quarter. Essex Financial Services Inc. increased its position in Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock valued at $443,000 after purchasing an additional 21 shares during the period. Finally, SouthState Bank Corp increased its position in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 22 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Down 1.0%

Shares of Ameriprise Financial stock opened at $527.91 on Friday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $550.18. The firm has a market cap of $47.46 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.94 and a beta of 1.16. The company has a 50-day moving average of $470.45 and a 200 day moving average of $473.87. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the business earned $9.50 earnings per share. The business's revenue was up 9.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 43.74 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed 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. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Monday, May 4th. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial's payout ratio is currently 16.91%.

Insider Transactions at Ameriprise Financial

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Ameriprise Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They issued a "hold" rating for the company. Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Finally, Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $553.67.

About Ameriprise Financial

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.