First Manhattan CO. LLC. Sells 1,170 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

First Manhattan CO. LLC. trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,672 shares of the financial services provider's stock after selling 1,170 shares during the quarter. First Manhattan CO. LLC.'s holdings in Ameriprise Financial were worth $9,942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMP. TCTC Holdings LLC bought a new stake in Ameriprise Financial in the fourth quarter valued at about $26,000. Whipplewood Advisors LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth about $28,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial in the 4th quarter valued at about $28,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $30,000. Finally, Sound Income Strategies LLC bought a new position in Ameriprise Financial during the 4th quarter worth approximately $36,000. 83.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $5,231,200. The trade was a 9.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph Edward Sweeney sold 4,636 shares of Ameriprise Financial stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares in the company, valued at approximately $3,901,249.59. The trade was a 39.05% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.73% of the company's stock.

Ameriprise Financial Trading Up 0.9%

Shares of AMP stock traded up $4.77 during mid-day trading on Tuesday, reaching $520.49. 393,159 shares of the stock traded hands, compared to its average volume of 492,750. The company has a market cap of $49.56 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The stock's fifty day simple moving average is $476.81 and its two-hundred day simple moving average is $520.04. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year 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 EPS 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 firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period in the previous year, the business earned $8.39 EPS. The business's quarterly revenue was up 3.6% compared to the same quarter last year. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock 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 buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.23%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Analyst Ratings Changes

Several brokerages have recently issued reports on AMP. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Piper Sandler lifted their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. Royal Bank of Canada boosted their price objective 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, Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and a consensus price target of $517.13.

About Ameriprise Financial

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.