Mutual of America Capital Management LLC Sells 627 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Mutual of America Capital Management LLC reduced its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 26,889 shares of the financial services provider's stock after selling 627 shares during the period. Mutual of America Capital Management LLC's holdings in Ameriprise Financial were worth $13,017,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after purchasing an additional 50 shares during the period. Wellington Management Group LLP raised its position in Ameriprise Financial by 19.1% during the fourth quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider's stock valued at $866,000 after purchasing an additional 261 shares in the last quarter. Trexquant Investment LP acquired a new position in Ameriprise Financial during the fourth quarter valued at approximately $1,804,000. Advisory Services Network LLC raised its position in Ameriprise Financial by 7.6% during the fourth quarter. Advisory Services Network LLC now owns 8,599 shares of the financial services provider's stock valued at $4,578,000 after purchasing an additional 608 shares in the last quarter. Finally, APG Asset Management N.V. acquired a new position in Ameriprise Financial during the fourth quarter valued at approximately $27,457,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Trading Up 1.2%

AMP stock traded up $6.06 during midday trading on Friday, hitting $504.51. The stock had a trading volume of 331,576 shares, compared to its average volume of 437,351. The firm has a market cap of $47.56 billion, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 1.06 and a beta of 1.24. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The business has a fifty day moving average price of $521.95 and a two-hundred day moving average price of $509.54.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results 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 net margin of 18.30% and a return on equity of 65.90%. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the firm posted $8.72 earnings per share. The business's revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its board has approved a stock repurchase program on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on AMP. William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Raymond James Financial raised their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Hold" and an average price target of $534.71.

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.