Sumitomo Mitsui Trust Holdings Inc. Sells 38,153 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Sumitomo Mitsui Trust Holdings Inc. cut its position in Ameriprise Financial, Inc. (NYSE:AMP) by 14.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 219,997 shares of the financial services provider’s stock after selling 38,153 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ameriprise Financial were worth $93,981,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Retirement Group LLC purchased a new position in Ameriprise Financial in the 1st quarter worth approximately $25,000. Redmont Wealth Advisors LLC bought a new position in shares of Ameriprise Financial during the first quarter valued at $28,000. Bank & Trust Co purchased a new stake in shares of Ameriprise Financial during the second quarter valued at $29,000. Sound Income Strategies LLC bought a new stake in Ameriprise Financial in the 1st quarter worth about $32,000. Finally, Annapolis Financial Services LLC increased its holdings in Ameriprise Financial by 928.6% in the 1st quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock worth $32,000 after buying an additional 65 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

AMP has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. UBS Group lowered their price target on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Piper Sandler cut their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Finally, Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $464.33.

Ameriprise Financial Stock Up 1.7 %

Shares of AMP opened at $431.39 on Monday. The business’s 50 day moving average is $425.98 and its 200 day moving average is $421.29. The company has a current ratio of 0.59, a quick ratio of 0.56 and a debt-to-equity ratio of 1.16. Ameriprise Financial, Inc. has a 12-month low of $306.63 and a 12-month high of $449.94. The company has a market capitalization of $42.85 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.73 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The firm had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business posted $7.44 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. Research analysts expect that Ameriprise Financial, Inc. will post 34.77 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

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.