Truist Financial Corp Trims Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Truist Financial Corp decreased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,742 shares of the financial services provider's stock after selling 8,369 shares during the period. Truist Financial Corp owned approximately 0.16% of Ameriprise Financial worth $72,976,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in shares of Ameriprise Financial by 24.3% during the fourth quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider's stock valued at $891,000 after purchasing an additional 327 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Ameriprise Financial in the fourth quarter worth approximately $43,000. GAMMA Investing LLC boosted its position in shares of Ameriprise Financial by 1.9% in the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after purchasing an additional 83 shares during the period. Spire Wealth Management lifted its holdings in shares of Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after buying an additional 683 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after buying an additional 806 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded up $3.20 during trading on Wednesday, hitting $539.27. 193,441 shares of the stock traded hands, compared to its average volume of 522,786. The company has a market cap of $51.35 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 2.01 and a beta of 1.23. The company has a fifty day moving average price of $512.36 and a two-hundred day moving average price of $511.33. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results 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 net margin of 17.14% and a return on equity of 68.93%. The company had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter in the previous year, the company posted $8.39 EPS. The firm's quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a dividend of $1.60 per share. 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 1.19%. Ameriprise Financial's payout ratio is presently 21.75%.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMP. Raymond James Financial raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research note on Monday, April 7th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Piper Sandler raised their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $522.14.

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.