Patton Albertson Miller Group LLC Sells 3,047 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Patton Albertson Miller Group LLC cut its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 18.1% during the 1st quarter, HoldingsChannel reports. The firm owned 13,753 shares of the financial services provider’s stock after selling 3,047 shares during the period. Patton Albertson Miller Group LLC’s holdings in Ameriprise Financial were worth $6,658,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock worth $1,023,461,000 after acquiring an additional 2,109,824 shares during the last quarter. Norges Bank acquired a new position in shares of Ameriprise Financial during the 4th quarter valued at $689,272,000. JPMorgan Chase & Co. lifted its position in shares of Ameriprise Financial by 12.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock valued at $2,556,683,000 after acquiring an additional 516,437 shares during the period. Northern Trust Corp lifted its position in shares of 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 valued at $675,344,000 after acquiring an additional 209,549 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Ameriprise Financial during the 4th quarter valued at $100,138,000. 83.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMP shares. Morgan Stanley downgraded shares of Ameriprise Financial from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $462.00 to $530.00 in a research report on Tuesday. Raymond James Financial 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 report on Monday, April 7th. Royal Bank Of Canada increased their target price on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an “outperform” rating in a report on Thursday, July 10th. Piper Sandler raised their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a report on Wednesday, July 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $524.71.

Ameriprise Financial Price Performance

AMP stock opened at $539.82 on Friday. The firm has a 50 day moving average of $520.25 and a 200-day moving average of $511.42. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The firm has a market capitalization of $51.40 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 1.12 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data 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. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period last year, the business earned $8.39 earnings per share. Ameriprise Financial’s revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict 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 repurchase plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a $1.60 dividend. This is a positive change 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 1.19%. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

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.