Legal & General Group Plc Has $292.81 Million Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Legal & General Group Plc trimmed its Ameriprise Financial stake by 5.9% in the fourth quarter, but still held 597,162 shares valued at about $292.8 million.
• Ameriprise reported strong quarterly earnings of $11.26 per share, beating expectations, while revenue rose 9.7% year over year to $4.77 billion.
• The company raised its quarterly dividend to $1.70 per share, and despite some analyst target-price increases, Wall Street’s consensus rating on the stock remains Hold.

Legal & General Group Plc lessened its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 597,162 shares of the financial services provider's stock after selling 37,251 shares during the quarter. Legal & General Group Plc owned approximately 0.64% of Ameriprise Financial worth $292,812,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Holos Integrated Wealth LLC acquired a new stake in Ameriprise Financial in the 4th quarter valued at approximately $30,000. Redmont Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the 3rd quarter valued at approximately $32,000. Ares Financial Consulting LLC acquired a new stake in Ameriprise Financial in the 4th quarter valued at approximately $32,000. WFA of San Diego LLC acquired a new stake in Ameriprise Financial in the 2nd quarter valued at approximately $36,000. Finally, Activest Wealth Management raised its position in Ameriprise Financial by 777.8% in the 4th quarter. Activest Wealth Management now owns 79 shares of the financial services provider's stock valued at $39,000 after buying an additional 70 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Up 0.8%

NYSE:AMP opened at $455.91 on Wednesday. The firm has a market capitalization of $40.99 billion, a price-to-earnings ratio of 11.34, a price-to-earnings-growth ratio of 1.07 and a beta of 1.20. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $550.18. The stock's 50 day moving average price is $454.90 and its two-hundred day moving average price is $473.40. 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 (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping the consensus estimate of $10.21 by $1.05. The firm had revenue of $4.77 billion for 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%.The business's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.50 EPS. Equities research analysts expect that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AMP shares. Raymond James Financial set a $582.00 target price on Ameriprise Financial and gave the company a "strong-buy" rating in a research report on Wednesday, February 11th. Piper Sandler lifted their target price on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. 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. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $605.00 price target (up from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. Finally, Morgan Stanley boosted their price target on Ameriprise Financial from $452.00 to $467.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and a consensus price target of $543.22.

Insider Buying and Selling

In related news, 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 transaction, the director directly owned 6,300 shares of the company's stock, valued at approximately $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The stock was 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. The trade was a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by 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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