Kovitz Investment Group Partners LLC Sells 1,071 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Kovitz Investment Group Partners LLC decreased its holdings in Ameriprise Financial by 2.1%, owning 48,965 shares worth approximately $23.7 million after selling 1,071 shares.
• Ameriprise Financial reported better-than-expected earnings, with $9.11 earnings per share exceeding the consensus estimate of $9.00, alongside a revenue of $4.49 billion.
• The company also announced a quarterly dividend of $1.60 per share, reflecting an annualized dividend of $6.40 and a yield of 1.2%.

Kovitz Investment Group Partners LLC decreased its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,965 shares of the financial services provider's stock after selling 1,071 shares during the quarter. Kovitz Investment Group Partners LLC owned approximately 0.05% of Ameriprise Financial worth $23,704,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in shares of Ameriprise Financial by 6.9% in the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after buying an additional 50 shares during the last quarter. Mariner LLC lifted its holdings in Ameriprise Financial by 0.4% during the fourth quarter. Mariner LLC now owns 30,689 shares of the financial services provider's stock valued at $16,339,000 after purchasing an additional 127 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Ameriprise Financial by 54.4% during the fourth quarter. NewEdge Advisors LLC now owns 13,697 shares of the financial services provider's stock valued at $7,293,000 after purchasing an additional 4,824 shares during the last quarter. Marshall Wace LLP lifted its holdings in Ameriprise Financial by 1,200.6% during the fourth quarter. Marshall Wace LLP now owns 6,503 shares of the financial services provider's stock valued at $3,462,000 after purchasing an additional 6,003 shares during the last quarter. Finally, First Commonwealth Financial Corp PA lifted its holdings in Ameriprise Financial by 3.7% during the fourth quarter. First Commonwealth Financial Corp PA now owns 1,911 shares of the financial services provider's stock valued at $1,017,000 after purchasing an additional 69 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

AMP has been the topic of several recent research reports. Piper Sandler upped their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Raymond James Financial upped their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price objective for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Trading Down 2.1%

Shares of Ameriprise Financial stock traded down $10.94 on Friday, hitting $502.75. The stock had a trading volume of 424,794 shares, compared to its average volume of 436,854. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The stock has a market cap of $47.39 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.07 and a beta of 1.24. The stock's 50-day simple moving average is $521.74 and its two-hundred day simple moving average is $506.90.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter last year, the business earned $8.72 earnings per share. The business's revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial Profile

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.