Sumitomo Mitsui Trust Group Inc. Reduces Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 219,026 shares of the financial services provider's stock after selling 2,885 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Ameriprise Financial worth $106,033,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AMP. Highland Capital Management LLC boosted its position in shares of Ameriprise Financial by 2.2% in the 1st quarter. Highland Capital Management LLC now owns 2,469 shares of the financial services provider's stock valued at $1,195,000 after purchasing an additional 53 shares during the period. 3Chopt Investment Partners LLC purchased a new stake in Ameriprise Financial in the first quarter valued at approximately $451,000. Achmea Investment Management B.V. boosted its holdings in shares of Ameriprise Financial by 2.6% in the first quarter. Achmea Investment Management B.V. now owns 25,168 shares of the financial services provider's stock valued at $12,184,000 after acquiring an additional 635 shares during the period. Transcend Capital Advisors LLC grew its position in shares of Ameriprise Financial by 5.6% during the first quarter. Transcend Capital Advisors LLC now owns 1,505 shares of the financial services provider's stock worth $729,000 after acquiring an additional 80 shares during the last quarter. Finally, PDS Planning Inc increased its holdings in shares of Ameriprise Financial by 6.1% in the 1st quarter. PDS Planning Inc now owns 821 shares of the financial services provider's stock valued at $397,000 after acquiring an additional 47 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

NYSE AMP traded up $2.57 on Wednesday, hitting $541.17. 144,943 shares of the company's stock were exchanged, compared to its average volume of 494,016. The firm has a market cap of $51.53 billion, a price-to-earnings ratio of 18.39, a P/E/G ratio of 1.99 and a beta of 1.23. The firm's 50-day moving average price is $505.35 and its two-hundred day moving average price is $511.14. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The firm had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter in the prior year, the business posted $8.39 earnings per share. Ameriprise Financial's revenue was up 3.6% compared to the same quarter last year. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a $1.60 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.18%. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

Wall Street Analyst Weigh In

AMP has been the subject of a number of recent research reports. Morgan Stanley increased their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 4th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Royal Bank Of Canada increased their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $519.00.

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.