Northern Trust Corp Reduces Position in Ameriprise Financial, Inc. $AMP

Key Points

• Northern Trust Corp reduced its holdings in Ameriprise Financial by 2.5%, selling 31,488 shares and ending its position with approximately 1,236,931 shares worth $598.81 million.
• Several institutional investors, including Brighton Jones LLC and Marshall Wace LLP, have increased their investments in Ameriprise Financial, indicating strong institutional interest as they own 83.95% of the stock.
• Ameriprise Financial reported a net income of $9.11 per share, surpassing analysts' expectations, and it recently authorized a $4.50 billion share buyback program, signaling confidence in its valuation.

Northern Trust Corp lessened its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,236,931 shares of the financial services provider's stock after selling 31,488 shares during the period. Northern Trust Corp owned approximately 1.30% of Ameriprise Financial worth $598,811,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial in the 1st quarter valued at $36,000. Quarry LP lifted its stake in shares of Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider's stock valued at $46,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC lifted its stake in shares of Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 49 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Activity at Ameriprise Financial

In other news, CEO William F. Truscott sold 9,929 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer owned 11,047 shares in the company, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Raymond James Financial increased their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Stock Up 2.1%

NYSE AMP traded up $10.6240 during trading hours on Friday, hitting $515.8540. 441,906 shares of the company were exchanged, compared to its average volume of 411,409. The company has a 50 day moving average of $521.12 and a two-hundred day moving average of $506.26. 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 52-week low of $396.14 and a 52-week high of $582.05. The firm has a market cap of $48.63 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.07 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping 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 company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the business earned $8.72 EPS. Ameriprise Financial's revenue was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued 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 1.2%. Ameriprise Financial's dividend payout ratio is 19.91%.

About Ameriprise Financial

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.