Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by TCW Group Inc.

Key Points

• TCW Group Inc. reduced its holdings in Ameriprise Financial by 7.7%, resulting in ownership of 120,802 shares worth approximately $58.5 million at the end of the last quarter.
• Ameriprise Financial reported earnings per share of $9.11 for the recent quarter, exceeding analysts' expectations, with revenues reaching $4.49 billion.
• The company has announced a $4.5 billion stock repurchase program, indicating confidence in the value of its shares, along with a quarterly dividend of $1.60 per share.

TCW Group Inc. lowered its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,802 shares of the financial services provider's stock after selling 10,040 shares during the quarter. TCW Group Inc. owned 0.13% of Ameriprise Financial worth $58,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of AMP. Semus Wealth Partners LLC bought a new stake in Ameriprise Financial during the first quarter valued at about $202,000. Empirical Finance LLC lifted its position in shares of Ameriprise Financial by 2.0% in the first quarter. Empirical Finance LLC now owns 3,643 shares of the financial services provider's stock valued at $1,764,000 after acquiring an additional 70 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Ameriprise Financial by 62.3% in the first quarter. HB Wealth Management LLC now owns 4,601 shares of the financial services provider's stock valued at $2,227,000 after acquiring an additional 1,766 shares in the last quarter. DE Burlo Group Inc. lifted its position in shares of Ameriprise Financial by 22.0% in the first quarter. DE Burlo Group Inc. now owns 8,590 shares of the financial services provider's stock worth $4,159,000 after buying an additional 1,550 shares in the last quarter. Finally, Mediolanum International Funds Ltd boosted its stake in Ameriprise Financial by 1.5% during the first quarter. Mediolanum International Funds Ltd now owns 36,716 shares of the financial services provider's stock valued at $17,705,000 after buying an additional 553 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 0.4%

Shares of AMP stock traded up $1.96 during mid-day trading on Thursday, hitting $521.71. The stock had a trading volume of 290,666 shares, compared to its average volume of 515,106. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The firm has a market capitalization of $49.68 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The firm's 50-day moving average is $522.37 and its two-hundred day moving average is $511.26. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $9.00 by $0.11. The business had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $8.72 EPS. On average, analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Monday, August 4th. Ameriprise Financial's dividend payout ratio is currently 19.91%.

Ameriprise Financial declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on AMP shares. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday. Raymond James Financial upped their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. William Blair downgraded Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Finally, Morgan Stanley downgraded 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 research report on Tuesday, July 15th. Two 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $534.71.

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.