Retirement Systems of Alabama Sells 187 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Retirement Systems of Alabama cut its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,117 shares of the financial services provider’s stock after selling 187 shares during the period. Retirement Systems of Alabama’s holdings in Ameriprise Financial were worth $9,697,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Redmont Wealth Advisors LLC bought a new position in shares of Ameriprise Financial during the first quarter valued at about $28,000. Sound Income Strategies LLC purchased a new stake in Ameriprise Financial in the 1st quarter valued at about $32,000. Annapolis Financial Services LLC lifted its position in shares of Ameriprise Financial by 928.6% during 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. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter worth approximately $34,000. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $34,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Morgan Stanley lifted their price target on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Evercore ISI boosted their price target on shares of Ameriprise Financial from $400.00 to $445.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Piper Sandler reduced their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research report on Friday, June 28th. Raymond James began coverage on shares of Ameriprise Financial in a research report on Thursday, March 21st. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $456.22.

Insider Buying and Selling

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $438.07, for a total value of $657,105.00. Following the sale, the director now directly 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 is available at this link. 0.96% of the stock is currently owned by insiders.

Ameriprise Financial Stock Performance

Shares of AMP traded down $1.85 during trading hours on Friday, hitting $432.15. The company’s stock had a trading volume of 222,154 shares, compared to its average volume of 476,528. The company has a market cap of $42.92 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 0.74 and a beta of 1.37. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50 day simple moving average of $430.18 and a two-hundred day simple moving average of $411.90. Ameriprise Financial, Inc. has a 52-week low of $306.63 and a 52-week high of $446.32.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data 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. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. Ameriprise Financial’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $7.25 EPS. On average, equities analysts expect that Ameriprise Financial, Inc. will post 34.92 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.37%. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date was Friday, May 3rd. Ameriprise Financial’s payout ratio is presently 20.15%.

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.