Sumitomo Mitsui Trust Holdings Inc. Sells 6,395 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 2.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 258,150 shares of the financial services provider’s stock after selling 6,395 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ameriprise Financial were worth $113,183,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Ameriprise Financial during the fourth quarter worth approximately $514,539,000. Dimensional Fund Advisors LP increased its stake in Ameriprise Financial by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,015,225 shares of the financial services provider’s stock worth $385,620,000 after acquiring an additional 35,931 shares during the last quarter. Royal Bank of Canada increased its stake in Ameriprise Financial by 2.4% during the third quarter. Royal Bank of Canada now owns 894,744 shares of the financial services provider’s stock worth $294,979,000 after acquiring an additional 20,970 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Ameriprise Financial by 5.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock worth $247,786,000 after acquiring an additional 32,312 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in Ameriprise Financial by 151.5% during the fourth quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock worth $226,243,000 after acquiring an additional 358,780 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.0 %

Shares of NYSE:AMP opened at $434.00 on Thursday. Ameriprise Financial, Inc. has a 52-week low of $306.63 and a 52-week high of $446.32. The stock has a market cap of $43.10 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 0.73 and a beta of 1.37. The business’s 50 day moving average is $429.29 and its 200 day moving average is $411.59. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the prior year, the firm earned $7.25 earnings per share. Ameriprise Financial’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts predict that Ameriprise Financial, Inc. will post 34.92 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a $1.48 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $5.92 annualized dividend and a yield of 1.36%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is 20.15%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AMP. Morgan Stanley boosted their price objective on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Piper Sandler reduced their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research note on Friday, June 28th. Raymond James started coverage on Ameriprise Financial in a research note on Thursday, March 21st. They set a “market perform” rating on the stock. Jefferies Financial Group upped their target price on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Evercore ISI upped their target price on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $456.22.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $438.07, for a total value of $657,105.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $4,818,770. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.96% 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.