Comerica Bank Sells 7,574 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Comerica Bank reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 14.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,721 shares of the financial services provider’s stock after selling 7,574 shares during the quarter. Comerica Bank’s holdings in Ameriprise Financial were worth $19,608,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AMP. Norges Bank purchased a new stake in shares of Ameriprise Financial in the fourth quarter worth $514,539,000. JPMorgan Chase & Co. increased its stake in Ameriprise Financial by 18.6% in the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after buying an additional 603,267 shares in the last quarter. First Trust Advisors LP increased its stake in Ameriprise Financial by 1,001.2% in the 4th quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock worth $214,266,000 after buying an additional 512,884 shares in the last quarter. TD Asset Management Inc raised its holdings in Ameriprise Financial by 151.5% during the fourth 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 during the period. Finally, Epoch Investment Partners Inc. lifted its position in shares of Ameriprise Financial by 104.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock valued at $145,183,000 after acquiring an additional 195,475 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the firm’s 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 completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $4,818,770. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Price Performance

AMP stock traded down $16.50 during trading on Friday, hitting $401.86. 103,375 shares of the company’s stock traded hands, compared to its average volume of 485,871. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $449.94. The stock has a market capitalization of $39.91 billion, a price-to-earnings ratio of 14.24, a P/E/G ratio of 0.75 and a beta of 1.37. The business has a fifty day simple moving average of $431.40 and a 200 day simple moving average of $419.07. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.56 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The firm had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm earned $7.44 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, research analysts expect that Ameriprise Financial, Inc. will post 34.77 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Monday, August 5th. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Morgan Stanley cut their target price on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating for the company in a research report on Monday. Royal Bank of Canada lifted their price objective on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler lowered their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. UBS Group cut their target price on shares of Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. 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, Ameriprise Financial presently has an average rating of “Hold” and a consensus target price of $464.33.

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.