Ameriprise Financial, Inc. (NYSE:AMP) Stock Position Lowered by Nuveen Asset Management LLC

Nuveen Asset Management LLC decreased its position in Ameriprise Financial, Inc. (NYSE:AMP) by 15.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,136,220 shares of the financial services provider’s stock after selling 213,461 shares during the period. Nuveen Asset Management LLC owned about 1.17% of Ameriprise Financial worth $604,958,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Ameriprise Financial by 12.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock valued at $2,556,683,000 after purchasing an additional 516,437 shares in the last quarter. Geode Capital Management LLC lifted its stake in Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider’s stock worth $1,407,607,000 after acquiring an additional 38,141 shares in the last quarter. Norges Bank purchased a new stake in Ameriprise Financial in the 4th quarter worth about $689,272,000. Northern Trust Corp boosted its position in Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock worth $675,344,000 after acquiring an additional 209,549 shares during the period. Finally, Amundi boosted its position in Ameriprise Financial by 48.0% during the 4th quarter. Amundi now owns 642,226 shares of the financial services provider’s stock worth $343,546,000 after acquiring an additional 208,195 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Up 0.9%

NYSE:AMP opened at $520.49 on Wednesday. The company has a market capitalization of $49.56 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.15 and a beta of 1.28. The stock’s 50 day moving average price is $477.17 and its 200 day moving average price is $520.05. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05.

Ameriprise Financial (NYSE:AMP) last posted 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. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.39 earnings per share. On average, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has approved a share buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm 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 dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.23%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date is Monday, May 5th. Ameriprise Financial’s dividend payout ratio is presently 21.75%.

Insiders Place Their Bets

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the company’s stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AMP. Morgan Stanley upped their target price on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. Royal Bank of Canada upped their price objective on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Raymond James upgraded shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research note on Wednesday, May 7th. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock 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.