Mirae Asset Global Investments Co. Ltd. Decreases Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Mirae Asset Global Investments Co. Ltd. has reduced its stake in Ameriprise Financial by 25%, selling 5,052 shares and now holding 15,157 shares worth approximately $8.09 million.
• Institutional investors now own 83.95% of Ameriprise Financial's stock, with several firms increasing or initiating their stakes during the first quarter of the year.
• Ameriprise Financial reported $9.11 earnings per share for the last quarter, exceeding analysts' expectations, along with a quarterly dividend of $1.60 per share.

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 25.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 15,157 shares of the financial services provider's stock after selling 5,052 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Ameriprise Financial were worth $8,090,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Wealth Preservation Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth $29,000. TD Capital Management LLC lifted its stake in shares of Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock worth $29,000 after purchasing an additional 51 shares in the last quarter. WPG Advisers LLC purchased a new stake in shares of Ameriprise Financial in the first quarter worth about $33,000. Opal Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the first quarter valued at about $36,000. Finally, TCTC Holdings LLC grew its stake in shares of Ameriprise Financial by 100.0% in the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock valued at $47,000 after buying an additional 49 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMP has been the subject of a number of analyst reports. Raymond James Financial upped their price target on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Piper Sandler raised their price target 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. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, Morgan Stanley lowered their target price on Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating for the company in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $535.14.

Insiders Place Their Bets

In other Ameriprise Financial news, EVP Heather J. Melloh sold 1,500 shares of Ameriprise Financial stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total value of $768,510.00. Following the completion of the transaction, the executive vice president owned 2,562 shares of the company's stock, valued at $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William F. Truscott sold 9,929 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the sale, the chief executive officer directly owned 11,047 shares in the company, valued at $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.57% of the company's stock.

Ameriprise Financial Price Performance

Shares of AMP stock opened at $491.67 on Monday. The firm has a fifty day moving average of $502.93 and a two-hundred day moving average of $502.19. The firm has a market cap of $46.35 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.11 and a beta of 1.26. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the company earned $8.72 earnings per share. Ameriprise Financial's quarterly revenue was up 2.2% on a year-over-year basis. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial's dividend payout ratio (DPR) is 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.

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