Public Sector Pension Investment Board Sells 30,860 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• The Public Sector Pension Investment Board reduced its holdings in Ameriprise Financial, Inc. by 54.5%, owning 25,771 shares worth approximately $12.48 million.
• Ameriprise Financial reported a quarterly earnings per share of $9.11, exceeding estimates and showing a revenue increase of 2.2% year-over-year.
• The company's board has authorized a $4.50 billion share repurchase program, allowing them to buy back up to 9.9% of its stock, indicating confidence in the stock's value.

Public Sector Pension Investment Board lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 54.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,771 shares of the financial services provider's stock after selling 30,860 shares during the quarter. Public Sector Pension Investment Board's holdings in Ameriprise Financial were worth $12,476,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Forum Financial Management LP increased its holdings in shares of Ameriprise Financial by 1.4% in the fourth quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after buying an additional 21 shares during the period. Pinnacle Associates Ltd. boosted its position in Ameriprise Financial by 1.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after acquiring an additional 21 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its position in Ameriprise Financial by 3.0% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after acquiring an additional 21 shares in the last quarter. Argent Trust Co boosted its position in shares of Ameriprise Financial by 1.3% in the 1st quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock worth $822,000 after purchasing an additional 21 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its position in shares of Ameriprise Financial by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock worth $852,000 after purchasing an additional 22 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

AMP has been the subject of several analyst reports. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada lifted their price target 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. 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, Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $534.71.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock traded down $10.94 on Friday, reaching $502.75. 424,794 shares of the stock were exchanged, compared to its average volume of 508,675. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The business has a fifty day moving average price of $521.74 and a two-hundred day moving average price of $507.66. The firm has a market capitalization of $47.39 billion, a PE ratio of 15.64, a PEG ratio of 1.09 and a beta of 1.24.

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 (EPS) for the quarter, beating the consensus estimate of $9.00 by $0.11. The business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.72 earnings per share. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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 paid 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 is Monday, August 4th. Ameriprise Financial's dividend payout ratio 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.