Voloridge Investment Management LLC Sells 40,746 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Voloridge Investment Management LLC cut its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 32.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,477 shares of the financial services provider's stock after selling 40,746 shares during the quarter. Voloridge Investment Management LLC owned 0.09% of Ameriprise Financial worth $46,043,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $689,272,000. JPMorgan Chase & Co. lifted its stake in Ameriprise Financial by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock valued at $2,556,683,000 after buying an additional 516,437 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Ameriprise Financial by 79,679.4% in the fourth quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock worth $197,943,000 after buying an additional 371,306 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Ameriprise Financial by 429.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider's stock worth $222,103,000 after acquiring an additional 338,298 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Ameriprise Financial by 19.8% in the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after acquiring an additional 209,549 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Down 0.7%

Shares of NYSE AMP traded down $3.51 during mid-day trading on Monday, reaching $504.70. The company had a trading volume of 379,427 shares, compared to its average volume of 494,383. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The stock's 50 day moving average is $482.22 and its 200-day moving average is $519.72. The stock has a market capitalization of $48.06 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. During the same period in the prior year, the firm posted $8.39 EPS. The business's revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a $1.60 dividend. The ex-dividend date was Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a yield of 1.27%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on AMP shares. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Raymond James upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price for the company in a report on Monday, April 7th. Morgan Stanley lifted their price target on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Royal Bank of Canada upped their price target on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the stock an "underweight" rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $517.13.

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.