Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by Pictet Asset Management SA

Posted by Defense World Staff on Aug 21st, 2023

Pictet Asset Management SA lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 3.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 51,413 shares of the financial services provider’s stock after selling 1,565 shares during the period. Pictet Asset Management SA’s holdings in Ameriprise Financial were worth $15,758,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Grove Bank & Trust lifted its position in shares of Ameriprise Financial by 2.3% during the 1st quarter. Grove Bank & Trust now owns 1,656 shares of the financial services provider’s stock valued at $508,000 after acquiring an additional 38 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Ameriprise Financial by 4.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 85,399 shares of the financial services provider’s stock valued at $26,175,000 after acquiring an additional 3,457 shares during the last quarter. Wade G W & Inc. lifted its position in shares of Ameriprise Financial by 2.8% during the 1st quarter. Wade G W & Inc. now owns 2,062 shares of the financial services provider’s stock valued at $632,000 after acquiring an additional 57 shares during the last quarter. Allen Investment Management LLC acquired a new stake in shares of Ameriprise Financial during the 1st quarter valued at $238,000. Finally, Woodmont Investment Counsel LLC acquired a new stake in shares of Ameriprise Financial during the 1st quarter valued at $440,000. Institutional investors and hedge funds own 82.61% of the company’s stock.

Ameriprise Financial Trading Up 0.6 %

NYSE AMP opened at $332.37 on Monday. Ameriprise Financial, Inc. has a 1-year low of $249.35 and a 1-year high of $358.02. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $34.11 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 0.63 and a beta of 1.47. The firm’s fifty day simple moving average is $337.20 and its 200-day simple moving average is $321.82.

Ameriprise Financial (NYSE:AMP – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $7.44 earnings per share for the quarter, topping analysts’ consensus estimates of $7.29 by $0.15. Ameriprise Financial had a net margin of 15.94% and a return on equity of 82.23%. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the prior year, the business posted $5.81 earnings per share. Ameriprise Financial’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 29.94 earnings per share for the current fiscal year.

Ameriprise Financial declared that its board has authorized a stock repurchase program on Wednesday, July 26th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were paid a $1.35 dividend. The ex-dividend date was Friday, August 4th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $0.10. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.62%. Ameriprise Financial’s dividend payout ratio is 25.36%.

Insider Transactions at Ameriprise Financial

In other news, CFO Walter Stanley Berman sold 13,042 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $351.55, for a total value of $4,584,915.10. Following the transaction, the chief financial officer now directly owns 8,048 shares of the company’s stock, valued at $2,829,274.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO James M. Cracchiolo sold 9,616 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the completion of the sale, the chief executive officer now owns 157,103 shares in the company, valued at $55,614,462. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Walter Stanley Berman sold 13,042 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the transaction, the chief financial officer now owns 8,048 shares of the company’s stock, valued at approximately $2,829,274.40. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AMP shares. StockNews.com started coverage on Ameriprise Financial in a research report on Thursday. They set a “hold” rating for the company. Royal Bank of Canada increased their target price on Ameriprise Financial from $385.00 to $410.00 and gave the company an “outperform” rating in a report on Tuesday, August 1st. Finally, Morgan Stanley increased their target price on Ameriprise Financial from $350.00 to $360.00 and gave the company an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of “Hold” and an average price target of $358.22.

Check Out Our Latest Stock Analysis on AMP

Ameriprise Financial Company Profile

(Free Report)

Ameriprise Financial, Inc, through 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.