Royal Bank of Canada Cuts Position in Ameriprise Financial, Inc. (NYSE:AMP)

Royal Bank of Canada reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 11.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 725,196 shares of the financial services provider's stock after selling 95,738 shares during the period. Royal Bank of Canada owned approximately 0.75% of Ameriprise Financial worth $386,116,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

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

Ameriprise Financial Stock Down 0.4%

AMP traded down $2.21 on Monday, reaching $521.90. The company's stock had a trading volume of 337,979 shares, compared to its average volume of 491,003. The stock has a 50 day moving average of $480.14 and a two-hundred day moving average of $520.36. 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 company has a market capitalization of $49.70 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05.

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, beating analysts' consensus estimates of $9.08 by $0.42. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted $8.39 earnings per share. As a group, analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

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

Ameriprise Financial declared that its board has initiated 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 buy 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.

Insider Buying and Selling at Ameriprise Financial

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

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.