Man Group plc Has $23.28 Million Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Man Group plc increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 32.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,724 shares of the financial services provider's stock after buying an additional 10,736 shares during the quarter. Man Group plc's holdings in Ameriprise Financial were worth $23,280,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AMP. Norges Bank acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth $689,272,000. JPMorgan Chase & Co. lifted its position 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 worth $2,556,683,000 after purchasing an additional 516,437 shares during the period. Proficio Capital Partners LLC lifted its position in Ameriprise Financial by 79,679.4% during the fourth quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock worth $197,943,000 after purchasing an additional 371,306 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Ameriprise Financial by 429.0% during 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 buying an additional 338,298 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Ameriprise Financial by 19.8% in the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock valued at $675,344,000 after buying an additional 209,549 shares during the period. Institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of 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 boosted their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research report on Friday, January 31st. Royal Bank of Canada upped their target price on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. 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 research note on Tuesday, March 4th. Finally, Raymond James raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $517.13.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $519.22 on Friday. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. 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 company has a market cap of $49.44 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.15 and a beta of 1.28. The firm has a 50 day simple moving average of $478.40 and a 200 day simple moving average of $520.10.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly 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 19.70% and a return on equity of 69.35%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same period in the prior year, the business earned $8.39 earnings per share. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. Research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

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

Ameriprise Financial announced that its board has authorized a share buyback plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Ameriprise Financial

In other news, insider Joseph Edward Sweeney sold 4,636 shares of the firm's stock in a transaction on 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 completion of the transaction, the insider now owns 7,237 shares of the company's stock, valued at approximately $3,901,249.59. This trade represents a 39.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.73% of the company's stock.

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.

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