US Bancorp DE Cuts Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• US Bancorp DE has reduced its position in Ameriprise Financial by 1.7%, now holding 93,981 shares worth approximately $45.5 million.
• Ameriprise Financial reported earnings of $9.11 per share for the last quarter, surpassing estimates and achieving a revenue of $4.49 billion, which is a 2.2% year-over-year increase.
• The Board of Directors has authorized a $4.5 billion stock repurchase plan, reflecting confidence in the company's value and indicating that up to 9.9% of shares can be reacquired through the market.

US Bancorp DE trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 93,981 shares of the financial services provider's stock after selling 1,601 shares during the period. US Bancorp DE owned about 0.10% of Ameriprise Financial worth $45,498,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Forum Financial Management LP grew its position in Ameriprise Financial by 1.4% in the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock valued at $790,000 after acquiring an additional 21 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Ameriprise Financial by 1.6% during the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after purchasing an additional 21 shares during the period. Pinnacle Wealth Management Advisory Group LLC grew its holdings in shares of Ameriprise Financial by 3.0% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock worth $345,000 after purchasing an additional 21 shares during the last quarter. Ritholtz Wealth Management increased its stake in Ameriprise Financial by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock worth $852,000 after buying an additional 22 shares during the period. Finally, Apella Capital LLC increased its stake in Ameriprise Financial by 4.1% in the 1st quarter. Apella Capital LLC now owns 581 shares of the financial services provider's stock worth $275,000 after buying an additional 23 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AMP has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada increased 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. Piper Sandler raised their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Raymond James Financial upped their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and a consensus target price of $534.71.

Ameriprise Financial Stock Down 3.2%

Shares of NYSE AMP traded down $16.58 during midday trading on Friday, reaching $501.61. 496,021 shares of the company's stock traded hands, compared to its average volume of 451,211. The company has a market cap of $47.76 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 1.07 and a beta of 1.24. The stock's 50 day simple moving average is $522.52 and its 200-day simple moving average is $510.91. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05.

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

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's payout ratio is 19.91%.

Ameriprise Financial declared that its Board of Directors has approved a share buyback program on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Ameriprise Financial Company 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.