Arizona State Retirement System Trims Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Arizona State Retirement System lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 1.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,136 shares of the financial services provider’s stock after selling 343 shares during the quarter. Arizona State Retirement System’s holdings in Ameriprise Financial were worth $14,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Czech National Bank increased its position in shares of Ameriprise Financial by 5.2% during the fourth quarter. Czech National Bank now owns 21,035 shares of the financial services provider’s stock valued at $11,200,000 after buying an additional 1,033 shares during the period. Empowered Funds LLC increased its position in shares of Ameriprise Financial by 19.9% during the third quarter. Empowered Funds LLC now owns 8,021 shares of the financial services provider’s stock valued at $3,768,000 after buying an additional 1,329 shares during the period. Bridgewater Associates LP increased its position in shares of Ameriprise Financial by 97.8% during the third quarter. Bridgewater Associates LP now owns 50,510 shares of the financial services provider’s stock valued at $23,730,000 after buying an additional 24,968 shares during the period. SpiderRock Advisors LLC increased its position in shares of Ameriprise Financial by 136.3% during the third quarter. SpiderRock Advisors LLC now owns 3,237 shares of the financial services provider’s stock valued at $1,521,000 after buying an additional 1,867 shares during the period. Finally, Aljian Capital Management LLC purchased a new position in shares of Ameriprise Financial during the third quarter valued at about $458,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In related news, CEO William F. Truscott sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total value of $3,241,740.00. Following the sale, the chief executive officer now owns 14,023 shares in the company, valued at approximately $7,576,486.67. This trade represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,636 shares of company stock worth $6,263,989. 0.73% of the stock is owned by insiders.

Ameriprise Financial Trading Up 2.3 %

NYSE:AMP opened at $509.57 on Thursday. The company’s 50 day moving average price is $538.39 and its 200-day moving average price is $516.69. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The stock has a market cap of $48.98 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.15 and a beta of 1.33.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 10th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.16%. The ex-dividend date was Monday, February 10th. Ameriprise Financial’s dividend payout ratio is currently 17.91%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AMP. Royal Bank of Canada restated an “outperform” rating and issued a $625.00 price objective on shares of Ameriprise Financial in a report on Monday, February 3rd. Piper Sandler upped their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Finally, Morgan Stanley upped their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $514.89.

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.