JPMorgan Chase & Co. Sells 1,466,509 Shares of Ameriprise Financial, Inc. $AMP

JPMorgan Chase & Co. reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 23.4% during the 3rd quarter, Holdings Channel reports. The fund owned 4,804,486 shares of the financial services provider’s stock after selling 1,466,509 shares during the period. JPMorgan Chase & Co. owned approximately 0.05% of Ameriprise Financial worth $2,360,205,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of Ameriprise Financial by 13.1% during the third quarter. PNC Financial Services Group Inc. now owns 396,075 shares of the financial services provider’s stock worth $194,572,000 after purchasing an additional 45,923 shares during the period. HighTower Advisors LLC boosted its stake in Ameriprise Financial by 11.3% in the 3rd quarter. HighTower Advisors LLC now owns 45,654 shares of the financial services provider’s stock valued at $22,427,000 after purchasing an additional 4,634 shares during the period. Warner Group LLC acquired a new position in Ameriprise Financial in the 3rd quarter valued at $233,000. Aberdeen Group plc increased its position in Ameriprise Financial by 32.4% during the 3rd quarter. Aberdeen Group plc now owns 94,385 shares of the financial services provider’s stock worth $47,154,000 after buying an additional 23,085 shares during the period. Finally, BTC Capital Management Inc. lifted its holdings in shares of Ameriprise Financial by 26.6% during the third quarter. BTC Capital Management Inc. now owns 11,410 shares of the financial services provider’s stock worth $5,604,000 after buying an additional 2,399 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Raymond James Financial set a $582.00 price target on shares of Ameriprise Financial and gave the company a “strong-buy” rating in a research note on Wednesday. Piper Sandler upgraded shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $434.00 to $530.00 in a research report on Friday, January 30th. Argus lowered their target price on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Keefe, Bruyette & Woods reduced their price target on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $605.00 price target (up previously from $580.00) on shares of Ameriprise Financial in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $555.67.

Ameriprise Financial Stock Performance

NYSE AMP opened at $473.38 on Monday. The firm’s 50 day simple moving average is $502.37 and its 200 day simple moving average is $490.79. The firm has a market capitalization of $43.98 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 1.11 and a beta of 1.26. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $552.43.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 EPS for the quarter, beating the consensus estimate of $10.33 by $0.50. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.75 billion. During the same period in the previous year, the business earned $9.54 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Monday, February 9th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, February 9th. Ameriprise Financial’s dividend payout ratio is currently 17.60%.

Insiders Place Their Bets

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $450.94, for a total value of $676,410.00. Following the sale, the director directly owned 7,500 shares in the company, valued at approximately $3,382,050. This trade represents a 16.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gumer Alvero sold 4,658 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $542.88, for a total transaction of $2,528,735.04. Following the transaction, the insider owned 4,621 shares of the company’s stock, valued at approximately $2,508,648.48. This represents a 50.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 18,158 shares of company stock valued at $9,675,085 in the last quarter. Corporate insiders own 0.57% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.