Kornitzer Capital Management Inc. KS Has $644,000 Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Kornitzer Capital Management cut its Ameriprise Financial stake by 87.4% in the first quarter, selling 10,085 shares and ending with 1,450 shares worth about $644,000.
• Ameriprise reported better-than-expected Q1 earnings of $11.26 per share, though revenue of $4.77 billion came in slightly below estimates; quarterly revenue still rose 9.7% year over year.
• The company raised its quarterly dividend to $1.70 per share from $1.60, while analysts currently rate the stock a consensus "Hold" with an average price target of $553.67.

Kornitzer Capital Management Inc. KS decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 87.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,450 shares of the financial services provider's stock after selling 10,085 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Ameriprise Financial were worth $644,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC lifted its holdings in shares of Ameriprise Financial by 3,050.0% in the first quarter. Cedar Mountain Advisors LLC now owns 126 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 122 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich boosted its position in shares of Ameriprise Financial by 1,048.5% during the first quarter. Munich Reinsurance Co Stock Corp in Munich now owns 21,316 shares of the financial services provider's stock valued at $9,473,000 after buying an additional 19,460 shares during the last quarter. Personal CFO Solutions LLC grew its holdings in Ameriprise Financial by 1.7% during the first quarter. Personal CFO Solutions LLC now owns 2,023 shares of the financial services provider's stock worth $899,000 after buying an additional 33 shares in the last quarter. Penobscot Investment Management Company Inc. grew its holdings in Ameriprise Financial by 5.0% during the first quarter. Penobscot Investment Management Company Inc. now owns 3,930 shares of the financial services provider's stock worth $1,746,000 after buying an additional 187 shares in the last quarter. Finally, Flatrock Wealth Partners LLC purchased a new stake in Ameriprise Financial in the 1st quarter valued at $229,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business'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 sale, the director directly owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the company's stock in a transaction on 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 transaction, the executive vice president directly owned 6,103 shares in the company, valued at $2,883,789.56. This represents a 50.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler raised their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday. Morgan Stanley increased their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a report on Friday. BMO Capital Markets raised their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a report on Friday, April 10th. They set a "hold" rating on the stock. Finally, Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and a consensus target price of $553.67.

Ameriprise Financial Stock Performance

NYSE AMP opened at $519.11 on Tuesday. The company has a market capitalization of $46.67 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $550.18. The company has a 50-day simple moving average of $465.80 and a 200 day simple moving average of $472.96.

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 for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the previous year, the company earned $9.50 earnings per share. The company's quarterly revenue was up 9.7% on a year-over-year basis. On average, research analysts predict that Ameriprise Financial, Inc. will post 43.5 EPS for the current 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 paid a $1.70 dividend. The ex-dividend date was Monday, May 4th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial's dividend payout ratio (DPR) is currently 16.91%.

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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