Van ECK Associates Corp Trims Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Van ECK Associates Corp cut its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 18.1% in the second quarter, Holdings Channel.com reports. The firm owned 14,972 shares of the financial services provider’s stock after selling 3,307 shares during the quarter. Van ECK Associates Corp’s holdings in Ameriprise Financial were worth $6,396,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Ameriprise Financial by 18.6% in the first quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock worth $1,685,436,000 after purchasing an additional 603,267 shares during the period. Norges Bank bought a new position in shares of Ameriprise Financial in the fourth quarter worth about $514,539,000. Dimensional Fund Advisors LP increased its stake in Ameriprise Financial by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,015,225 shares of the financial services provider’s stock worth $385,620,000 after buying an additional 35,931 shares during the period. TD Asset Management Inc lifted its holdings in Ameriprise Financial by 18.8% during the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock valued at $310,248,000 after buying an additional 111,973 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Ameriprise Financial by 5.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock worth $247,786,000 after acquiring an additional 32,312 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMP. Royal Bank of Canada lifted their price target on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Piper Sandler lowered their target price on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Morgan Stanley dropped their target price on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $464.33.

Ameriprise Financial Price Performance

NYSE:AMP opened at $441.96 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.59 and a quick ratio of 0.59. The company has a 50 day moving average price of $427.58 and a 200-day moving average price of $425.29. Ameriprise Financial, Inc. has a 1-year low of $306.63 and a 1-year high of $450.35. The firm has a market cap of $43.90 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The business had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company posted $7.44 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts forecast that Ameriprise Financial, Inc. will post 34.81 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 20.15%.

Ameriprise Financial Company Profile

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.