Pictet Asset Management Holding SA Has $26.18 Million Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Pictet Asset Management trimmed its stake in Ameriprise Financial by 5.4% to 53,393 shares, worth about $26.18 million at the end of the quarter.
• Ameriprise beat quarterly EPS estimates at $11.26 (consensus $10.21) while revenue came in at $4.77 billion (slightly below estimates), and the company reported a net margin of 20.57% and ROE of 62.88%; MarketBeat's consensus rating is Hold with a $542 target.
• Ameriprise raised its quarterly dividend to $1.70 (annualized $6.80) from $1.60, with an ex-dividend date of May 4 and a yield of about 1.4%.

Pictet Asset Management Holding SA trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,393 shares of the financial services provider's stock after selling 3,049 shares during the period. Pictet Asset Management Holding SA owned approximately 0.06% of Ameriprise Financial worth $26,181,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp raised its position in Ameriprise Financial by 0.4% in the 3rd quarter. State Street Corp now owns 4,420,072 shares of the financial services provider's stock valued at $2,171,360,000 after buying an additional 18,879 shares during the last quarter. Boston Partners boosted its position in Ameriprise Financial by 1.1% during the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock worth $586,083,000 after acquiring an additional 13,172 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Ameriprise Financial by 29.3% during the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock worth $474,628,000 after acquiring an additional 219,080 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Ameriprise Financial by 11.5% during the 3rd quarter. Legal & General Group Plc now owns 634,413 shares of the financial services provider's stock worth $311,655,000 after acquiring an additional 65,687 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Ameriprise Financial by 18.4% in the third quarter. AQR Capital Management LLC now owns 589,570 shares of the financial services provider's stock valued at $289,626,000 after purchasing an additional 91,697 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

NYSE:AMP opened at $474.97 on Friday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a current ratio of 0.66, a quick ratio of 0.68 and a debt-to-equity ratio of 0.90. The firm has a fifty day simple moving average of $454.79 and a 200 day simple moving average of $474.20. The stock has a market capitalization of $43.31 billion, a PE ratio of 11.81, a P/E/G ratio of 1.16 and a beta of 1.27.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.21 by $1.05. The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.50 earnings per share. On average, research analysts expect that Ameriprise Financial, Inc. will post 41.39 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 4th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, May 4th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's payout ratio is currently 15.92%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $600.00 to $620.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Raymond James Financial set a $582.00 price target on shares of Ameriprise Financial and gave the company a "strong-buy" rating in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods initiated coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They set a "hold" rating on the stock. Piper Sandler reduced their price objective on shares of Ameriprise Financial from $530.00 to $460.00 and set a "hold" rating for the company in a research note on Tuesday, April 7th. Finally, BMO Capital Markets raised their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a "market perform" rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of "Hold" and a consensus target price of $542.00.

Insider Activity

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 7,000 shares of the business's stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $544.22, for a total transaction of $3,809,540.00. Following the transaction, the chief financial officer owned 5,609 shares of the company's stock, valued at $3,052,529.98. The trade was a 55.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gumer Alvero sold 4,658 shares of the company's stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $542.88, for a total value of $2,528,735.04. Following the completion of the sale, the insider owned 4,621 shares in the company, valued at $2,508,648.48. This represents a 50.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 16,658 shares of company stock valued at $8,998,675. 0.60% of the stock is owned by company insiders.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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