Raymond James Financial Inc. Decreases Position in Ameriprise Financial, Inc. $AMP

Key Points

• Raymond James Financial Inc. has reduced its stake in Ameriprise Financial, Inc. by 2.5%, selling 5,194 shares in the first quarter, bringing its total ownership to approximately 0.21% of the company, valued at $96 million.
• Ameriprise Financial reported a quarterly earnings per share (EPS) of $9.11, exceeding analysts' estimates of $9.00, alongside revenue of $4.49 billion for the quarter.
• The company has authorized a share buyback program allowing it to repurchase up to $4.5 billion in shares, indicating management's belief that the stock may be undervalued.

Raymond James Financial Inc. lowered its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,814 shares of the financial services provider's stock after selling 5,194 shares during the period. Raymond James Financial Inc. owned 0.21% of Ameriprise Financial worth $96,248,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AMP. GAMMA Investing LLC lifted its holdings in shares of Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. JPMorgan Chase & Co. lifted its holdings in Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock valued at $2,819,900,000 after buying an additional 1,023,002 shares during the period. Nuveen LLC acquired a new position in Ameriprise Financial in the first quarter valued at $469,334,000. Goldman Sachs Group Inc. lifted its holdings in Ameriprise Financial by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock valued at $578,852,000 after buying an additional 266,631 shares during the period. Finally, Northern Trust Corp lifted its holdings in Ameriprise Financial by 19.8% in the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock valued at $675,344,000 after buying an additional 209,549 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

AMP traded up $10.6240 on Friday, hitting $515.8540. The company's stock had a trading volume of 441,906 shares, compared to its average volume of 411,409. The company's 50 day simple moving average is $521.12 and its 200-day simple moving average is $506.04. The firm has a market cap of $48.63 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 1.10 and a beta of 1.24. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05. 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 (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period last year, the firm earned $8.72 EPS. Ameriprise Financial's revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial's dividend payout ratio (DPR) is 19.91%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $462.00 to $530.00 in a report on Tuesday, July 15th. Raymond James Financial upped their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $534.71.

Insider Buying and Selling at Ameriprise Financial

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

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.