Sterling Capital Management LLC Trims Holdings in Ameriprise Financial, Inc. $AMP

Sterling Capital Management LLC lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 12.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,588 shares of the financial services provider’s stock after selling 15,498 shares during the quarter. Ameriprise Financial makes up about 0.9% of Sterling Capital Management LLC’s investment portfolio, making the stock its 21st largest holding. Sterling Capital Management LLC’s holdings in Ameriprise Financial were worth $50,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMP. Brighton Jones LLC raised its holdings in Ameriprise Financial by 6.9% in the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 50 shares in the last quarter. Empowered Funds LLC grew its holdings in Ameriprise Financial by 11.8% during the 1st quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider’s stock worth $2,915,000 after acquiring an additional 634 shares in the last quarter. Sivia Capital Partners LLC grew its holdings in Ameriprise Financial by 14.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 72 shares in the last quarter. Schnieders Capital Management LLC. bought a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $313,000. Finally, Gabelli Funds LLC increased its position in shares of Ameriprise Financial by 224.8% in the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider’s stock worth $2,253,000 after purchasing an additional 2,922 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

AMP has been the topic of several research analyst reports. Piper Sandler increased their price target on shares of Ameriprise Financial from $460.00 to $471.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. BMO Capital Markets boosted their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Morgan Stanley increased their target price on Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods started coverage on Ameriprise Financial in a research report on Friday, April 10th. They issued a “hold” rating for the company. Finally, Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Ameriprise Financial has a consensus rating of “Hold” and a consensus target price of $543.22.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $452.88 on Friday. The company has a market cap of $40.71 billion, a P/E ratio of 11.26, a PEG ratio of 0.96 and a beta of 1.16. The business has a 50 day moving average of $460.54 and a two-hundred day moving average of $473.07. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $550.18. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.90.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the firm earned $9.50 EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 42.69 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a dividend of $1.70 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, May 4th. Ameriprise Financial’s payout ratio is currently 16.91%.

Insider Transactions at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the sale, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. This trade represents a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company’s stock, valued at $2,883,789.56. The trade was a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.