abrdn plc Raises Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

abrdn plc boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,736 shares of the financial services provider’s stock after purchasing an additional 532 shares during the period. abrdn plc owned approximately 0.09% of Ameriprise Financial worth $48,799,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. E&G Advisors LP purchased a new stake in Ameriprise Financial during the fourth quarter valued at $213,000. Means Investment CO. Inc. bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at about $207,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter valued at about $208,000. Greenleaf Trust lifted its stake in shares of Ameriprise Financial by 1.0% in the 4th quarter. Greenleaf Trust now owns 4,949 shares of the financial services provider’s stock worth $2,635,000 after purchasing an additional 48 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Ameriprise Financial by 988.2% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 30,121 shares of the financial services provider’s stock worth $16,037,000 after purchasing an additional 27,353 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AMP shares. Royal Bank of Canada restated an “outperform” rating and set a $625.00 target price on shares of Ameriprise Financial in a research report on Monday. Morgan Stanley upped their price objective on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a report on Monday. UBS Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $580.00 to $570.00 in a report on Monday, January 6th. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and a consensus target price of $510.44.

Insiders Place Their Bets

In other news, CFO Walter Stanley Berman sold 8,655 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the transaction, the chief financial officer now owns 6,409 shares of the company’s stock, valued at approximately $3,615,701.44. This represents a 57.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph Edward Sweeney sold 10,735 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $549.68, for a total value of $5,900,814.80. Following the sale, the insider now directly owns 5,811 shares of the company’s stock, valued at $3,194,190.48. This represents a 64.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.96% of the stock is currently owned by insiders.

Ameriprise Financial Stock Down 0.2 %

NYSE AMP opened at $535.83 on Wednesday. Ameriprise Financial, Inc. has a 12 month low of $385.56 and a 12 month high of $582.05. The company has a current ratio of 0.59, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01. The stock has a market cap of $51.98 billion, a PE ratio of 16.21, a P/E/G ratio of 1.18 and a beta of 1.36. The stock’s 50 day moving average is $546.89 and its 200 day moving average is $499.39.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Research analysts predict that Ameriprise Financial, Inc. will post 38.68 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Monday, February 10th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.10%. Ameriprise Financial’s payout ratio is currently 17.91%.

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.