QRG Capital Management Inc. Cuts Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• QRG Capital Management cut its Ameriprise stake by 51.5% in Q4, selling 7,898 shares and leaving 7,440 shares worth $3.65 million, while other institutions materially increased positions—leaving institutional ownership at about 83.95%.
• Company insiders have been selling shares: Gumer Alvero sold 4,658 shares at an average $542.88 (a 50.2% drop in their position) and CEO William F. Truscott sold 5,000 shares at $532.08 (a 29.16% reduction).
• Operating and shareholder updates: Ameriprise beat EPS expectations ($11.26 vs. $10.21) but slightly missed revenue, raised its quarterly dividend to $1.70 (annualized $6.80, ~1.4% yield), and carries a consensus analyst rating of "Hold" with a $543.22 target.

QRG Capital Management Inc. trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 51.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,440 shares of the financial services provider's stock after selling 7,898 shares during the period. QRG Capital Management Inc.'s holdings in Ameriprise Financial were worth $3,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. M&T Bank Corp lifted its position in Ameriprise Financial by 1,440.2% during the fourth quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider's stock worth $228,572,000 after buying an additional 435,885 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in Ameriprise Financial by 140.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider's stock valued at $231,805,000 after buying an additional 275,659 shares in the last quarter. Man Group plc increased its stake in shares of Ameriprise Financial by 687.4% in the 3rd quarter. Man Group plc now owns 276,822 shares of the financial services provider's stock worth $135,989,000 after acquiring an additional 241,665 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Ameriprise Financial by 29.3% in the third quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider's stock valued at $474,628,000 after purchasing an additional 219,080 shares during the period. Finally, Close Asset Management Ltd raised its stake in Ameriprise Financial by 78.2% during the third quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider's stock worth $227,652,000 after purchasing an additional 203,252 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insiders Place Their Bets

In related news, insider Gumer Alvero sold 4,658 shares of the stock in a transaction 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 transaction, the insider directly owned 4,621 shares of the company's stock, valued at $2,508,648.48. This trade represents a 50.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William F. Truscott sold 5,000 shares of the company's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the completion of the transaction, the chief executive officer owned 12,149 shares of the company's stock, valued at $6,464,239.92. This represents a 29.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on AMP shares. Keefe, Bruyette & Woods initiated coverage on Ameriprise Financial in a research note on Friday, April 10th. They set a "hold" rating for the company. Raymond James Financial set a $582.00 price objective on shares of Ameriprise Financial and gave the company a "strong-buy" rating in a report on Wednesday, February 11th. Piper Sandler upped their target price on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a research report on Monday. BMO Capital Markets increased their target price on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Finally, Morgan Stanley lifted their price target on shares of Ameriprise Financial from $452.00 to $467.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $543.22.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $475.33 on Thursday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $550.18. The firm has a 50 day moving average of $455.30 and a two-hundred day moving average of $474.06. The company has a quick ratio of 0.68, a current ratio of 0.66 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $43.34 billion, a PE ratio of 11.82, a P/E/G ratio of 1.13 and a beta of 1.20.

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, beating analysts' consensus estimates of $10.21 by $1.05. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.Ameriprise Financial's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the company earned $9.50 EPS. On average, research analysts predict that Ameriprise Financial, Inc. will post 42.15 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 4th will be given a dividend of $1.70 per share. The ex-dividend date is Monday, May 4th. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.60. Ameriprise Financial's payout ratio is presently 16.91%.

Ameriprise Financial Profile

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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