Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc has decreased its stake in Ameriprise Financial by 19.2%, selling 118,688 shares to hold 498,250 shares, valued at approximately $241 million.
• Ameriprise Financial reported strong earnings with $9.11 per share, surpassing estimates, and declared a quarterly dividend of $1.60, reflecting a 1.23% yield.
• The company has initiated a $4.50 billion share buyback program, indicating management's belief that the stock is undervalued, while institutional investors own 83.95% of its stock.

TD Asset Management Inc cut its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 19.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 498,250 shares of the financial services provider's stock after selling 118,688 shares during the quarter. TD Asset Management Inc owned 0.52% of Ameriprise Financial worth $241,208,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of AMP. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $31,000. Opal Wealth Advisors LLC bought a new position in shares of Ameriprise Financial in the first quarter valued at $36,000. Quarry LP grew its stake in shares of Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock valued at $46,000 after buying an additional 52 shares in the last quarter. Finally, Sound Income Strategies LLC grew its stake in shares of Ameriprise Financial by 68.7% in the first quarter. Sound Income Strategies LLC now owns 113 shares of the financial services provider's stock valued at $55,000 after buying an additional 46 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Trading Up 0.5%

Shares of Ameriprise Financial stock traded up $2.61 during midday trading on Wednesday, reaching $523.60. 175,645 shares of the company's stock traded hands, compared to its average volume of 514,492. The stock has a 50 day moving average of $522.22 and a 200-day moving average of $511.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.60 and a current ratio of 0.62. The company has a market cap of $49.86 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted 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. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate 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 quarter last year, the company earned $8.72 earnings per share. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has initiated a stock buyback program on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board 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. Investors of record on Monday, August 4th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.22%. Ameriprise Financial's payout ratio is 19.91%.

Analyst Ratings Changes

Several equities research analysts have issued reports on AMP shares. Piper Sandler raised their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Morgan Stanley cut Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their price target for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Raymond James Financial upped their target price on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada boosted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.