Investment Management Corp of Ontario Sells 3,097 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Investment Management Corp of Ontario lessened its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 18.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,526 shares of the financial services provider's stock after selling 3,097 shares during the period. Investment Management Corp of Ontario's holdings in Ameriprise Financial were worth $7,202,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Cerro Pacific Wealth Advisors LLC lifted its holdings in Ameriprise Financial by 3.4% in the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 576 shares of the financial services provider's stock worth $307,000 after purchasing an additional 19 shares during the last quarter. SRS Capital Advisors Inc. raised its position in shares of Ameriprise Financial by 40.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider's stock valued at $37,000 after buying an additional 20 shares during the last quarter. HighPoint Advisor Group LLC lifted its position in shares of Ameriprise Financial by 0.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock worth $1,419,000 after acquiring an additional 20 shares during the period. Dakota Wealth Management boosted its stake in Ameriprise Financial by 2.7% during the fourth quarter. Dakota Wealth Management now owns 798 shares of the financial services provider's stock worth $425,000 after buying an additional 21 shares in the last quarter. Finally, Abel Hall LLC raised its position in Ameriprise Financial by 4.2% in the fourth quarter. Abel Hall LLC now owns 517 shares of the financial services provider's stock worth $275,000 after purchasing an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the sale, the insider now directly owns 7,237 shares of the company's stock, valued at $3,901,249.59. This represents a 39.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by company insiders.

Ameriprise Financial Stock Up 0.3%

Shares of NYSE:AMP traded up $1.80 during trading on Wednesday, reaching $521.49. 566,993 shares of the stock were exchanged, compared to its average volume of 494,064. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The stock has a fifty day moving average of $477.62 and a two-hundred day moving average of $520.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market cap of $49.66 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

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

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

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be given a dividend of $1.60 per share. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Monday, May 5th. Ameriprise Financial's dividend payout ratio is currently 21.75%.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMP. Piper Sandler raised their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an "underweight" rating in a report on Friday, January 31st. Royal Bank of Canada increased their price target on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Morgan Stanley upped their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Finally, Raymond James raised 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average target price 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.