Convergence Investment Partners LLC Has $498,000 Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Convergence Investment Partners LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 22.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,311 shares of the financial services provider’s stock after purchasing an additional 238 shares during the quarter. Convergence Investment Partners LLC’s holdings in Ameriprise Financial were worth $498,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Venture Visionary Partners LLC lifted its stake in Ameriprise Financial by 2.9% during the fourth quarter. Venture Visionary Partners LLC now owns 14,874 shares of the financial services provider’s stock worth $5,650,000 after purchasing an additional 416 shares during the last quarter. 17 Capital Partners LLC acquired a new position in shares of Ameriprise Financial during the 4th quarter worth $2,078,000. Cerity Partners LLC lifted its position in shares of Ameriprise Financial by 280.6% during the 4th quarter. Cerity Partners LLC now owns 30,502 shares of the financial services provider’s stock worth $11,585,000 after buying an additional 22,487 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter worth $1,150,000. Finally, Harbor Investment Advisory LLC boosted its stake in Ameriprise Financial by 75.4% in the fourth quarter. Harbor Investment Advisory LLC now owns 335 shares of the financial services provider’s stock valued at $127,000 after buying an additional 144 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Raymond James started coverage on shares of Ameriprise Financial in a report on Thursday, March 21st. They issued a “market perform” rating for the company. Piper Sandler increased their price objective on shares of Ameriprise Financial from $360.00 to $392.00 and gave the company an “underweight” rating in a research note on Friday, April 5th. UBS Group boosted their target price on shares of Ameriprise Financial from $440.00 to $445.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and a consensus target price of $449.57.

Insider Activity

In related news, CFO Walter Stanley Berman sold 13,346 shares of Ameriprise Financial stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $387.81, for a total transaction of $5,175,712.26. Following the completion of the transaction, the chief financial officer now owns 6,409 shares of the company’s stock, valued at $2,485,474.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Gumer Alvero sold 1,652 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $437.00, for a total transaction of $721,924.00. Following the transaction, the insider now owns 6,994 shares of the company’s stock, valued at approximately $3,056,378. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 13,346 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $387.81, for a total value of $5,175,712.26. Following the completion of the sale, the chief financial officer now directly owns 6,409 shares of the company’s stock, valued at $2,485,474.29. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,326 shares of company stock valued at $29,775,593. 0.96% of the stock is currently owned by insiders.

Ameriprise Financial Stock Performance

NYSE AMP opened at $410.01 on Monday. The company has a market capitalization of $41.08 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 0.70 and a beta of 1.36. 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 twelve month low of $279.85 and a twelve month high of $440.67. The stock has a fifty day simple moving average of $418.65 and a 200 day simple moving average of $381.50.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the prior year, the firm posted $7.25 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts expect that Ameriprise Financial, Inc. will post 34.65 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be given a $1.48 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.44%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s payout ratio is 18.38%.

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.