Ameriprise Financial, Inc. (NYSE:AMP) Stock Position Lessened by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,478 shares of the financial services provider’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Ameriprise Financial were worth $12,924,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Ameriprise Financial during the fourth quarter valued at approximately $514,539,000. First Trust Advisors LP boosted its holdings in shares of Ameriprise Financial by 1,001.2% during the fourth quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock worth $214,266,000 after purchasing an additional 512,884 shares during the period. TD Asset Management Inc grew its holdings in shares of Ameriprise Financial by 151.5% during the 4th quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock valued at $226,243,000 after acquiring an additional 358,780 shares in the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of Ameriprise Financial by 104.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock worth $145,183,000 after acquiring an additional 195,475 shares in the last quarter. Finally, Gillson Capital LP acquired a new stake in Ameriprise Financial during the fourth quarter valued at $47,511,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Shares of AMP stock traded up $7.72 during mid-day trading on Tuesday, reaching $433.81. The stock had a trading volume of 404,791 shares, compared to its average volume of 480,878. The firm has a market cap of $43.09 billion, a PE ratio of 14.77, a P/E/G ratio of 0.73 and a beta of 1.37. 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, Inc. has a one year low of $306.63 and a one year high of $446.32. The firm’s 50 day simple moving average is $428.75 and its 200 day simple moving average is $411.20.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the previous year, the firm posted $7.25 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts forecast that Ameriprise Financial, Inc. will post 34.95 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were issued a dividend of $1.48 per share. The ex-dividend date of this dividend was Friday, May 3rd. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.36%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 20.15%.

Analyst Ratings Changes

Several brokerages have weighed in on AMP. Raymond James initiated coverage on Ameriprise Financial in a research report on Thursday, March 21st. They issued a “market perform” rating on the stock. Argus raised their price objective on shares of Ameriprise Financial from $440.00 to $460.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Evercore ISI lifted their target price on shares of Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, The Goldman Sachs Group lifted their price objective on shares of Ameriprise Financial from $437.00 to $488.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $456.22.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of Ameriprise Financial stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $438.07, for a total transaction of $657,105.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by corporate insiders.

Ameriprise Financial 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.