Lord Abbett & CO. LLC Trims Position in Ameriprise Financial, Inc. $AMP

Key Points

• Lord Abbett & CO. LLC reduced its stake in Ameriprise Financial by 37.5%, selling 107,993 shares during the first quarter, and now holds 0.19% of the company valued at $87 million.
• Ameriprise Financial reported $9.11 EPS for the last quarter, surpassing estimates, and had a year-over-year revenue increase of 2.2%.
• The company declared a quarterly dividend of $1.60 per share, resulting in an annual yield of 1.3%, set to be paid on August 18th.

Lord Abbett & CO. LLC cut its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 37.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 179,757 shares of the financial services provider's stock after selling 107,993 shares during the quarter. Lord Abbett & CO. LLC owned about 0.19% of Ameriprise Financial worth $87,022,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after purchasing an additional 83 shares in the last quarter. Spire Wealth Management boosted its position in shares of Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after purchasing an additional 683 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after acquiring an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after acquiring an additional 420 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AMP has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Raymond James Financial boosted their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Morgan Stanley downgraded Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their target price for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Finally, Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $534.71.

Ameriprise Financial Stock Performance

NYSE:AMP traded up $2.11 during mid-day trading on Monday, reaching $505.19. The company's stock had a trading volume of 365,639 shares, compared to its average volume of 507,061. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The firm's fifty day moving average price is $521.74 and its two-hundred day moving average price is $506.90. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a market cap of $47.62 billion, a P/E ratio of 15.72, a PEG ratio of 1.07 and a beta of 1.24.

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 for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. Ameriprise Financial's revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.72 EPS. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's dividend payout ratio is 19.91%.

Ameriprise Financial announced that its board has approved a share repurchase plan on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Company 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.