Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by NorthRock Partners LLC

Key Points

• NorthRock Partners LLC reduced its stake in Ameriprise Financial by 61.7%, selling 16,220 shares and leaving it with 10,058 shares valued at approximately $4.87 million.
• Ameriprise Financial announced a quarterly dividend of $1.60 per share, equating to an annual dividend yield of 1.23%, with the ex-dividend date set for August 4th.
• Several analysts have upgraded their price targets for Ameriprise Financial, with projections ranging from $550.00 to $595.00, while the stock currently holds a consensus rating of "Hold".

NorthRock Partners LLC cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 61.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,058 shares of the financial services provider's stock after selling 16,220 shares during the quarter. NorthRock Partners LLC's holdings in Ameriprise Financial were worth $4,869,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth approximately $31,000. Opal Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the first quarter worth approximately $36,000. Quarry LP increased its position in shares of Ameriprise Financial by 148.6% during the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC increased its position in shares of Ameriprise Financial by 100.0% during the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after purchasing an additional 49 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

NYSE:AMP traded down $16.58 during mid-day trading on Friday, reaching $501.61. 496,021 shares of the stock were exchanged, compared to its average volume of 426,394. The company has a 50 day simple moving average of $522.58 and a 200-day simple moving average of $511.26. The stock has a market capitalization of $47.76 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.11 and a beta of 1.24. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $8.72 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has authorized a share repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders 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 of this dividend is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AMP shares. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada increased their target price on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and increased their price target for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Piper Sandler increased their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Finally, William Blair downgraded Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned 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 stock currently has an average rating of "Hold" and a consensus price target of $534.71.

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.