Park Avenue Securities LLC Cuts Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Park Avenue Securities LLC decreased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 12.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,716 shares of the financial services provider’s stock after selling 2,542 shares during the quarter. Park Avenue Securities LLC’s holdings in Ameriprise Financial were worth $8,323,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after purchasing an additional 603,267 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Ameriprise Financial by 10.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after acquiring an additional 110,319 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Ameriprise Financial by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 823,249 shares of the financial services provider’s stock valued at $351,685,000 after acquiring an additional 11,060 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Ameriprise Financial by 18.8% in the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock valued at $310,248,000 after acquiring an additional 111,973 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Ameriprise Financial by 5.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock valued at $247,786,000 after acquiring an additional 32,312 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Ameriprise Financial stock traded up $7.40 during mid-day trading on Friday, reaching $486.94. 451,871 shares of the company were exchanged, compared to its average volume of 477,304. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $490.23. The firm’s 50-day simple moving average is $439.00 and its two-hundred day simple moving average is $432.38. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $48.37 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 0.80 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The company had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the firm earned $7.44 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts predict that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 dividend on an annualized basis and a yield of 1.22%. Ameriprise Financial’s payout ratio is 20.15%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler dropped their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. Keefe, Bruyette & Woods dropped their price objective on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. Jefferies Financial Group increased their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a report on Friday, June 28th. UBS Group decreased their target price on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Finally, The Goldman Sachs Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $485.00 to $476.00 in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $463.00.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total value of $3,846,009.00. Following the completion of the sale, the vice president now directly owns 13,199 shares of the company’s stock, valued at $5,834,881.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is owned by insiders.

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.