Kentucky Retirement Systems Lowers Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Kentucky Retirement Systems lessened its position in Ameriprise Financial, Inc. (NYSE:AMP) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,485 shares of the financial services provider’s stock after selling 124 shares during the quarter. Kentucky Retirement Systems’ holdings in Ameriprise Financial were worth $3,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Retirement Group LLC purchased a new position in shares of Ameriprise Financial in the first quarter valued at approximately $25,000. DiNuzzo Private Wealth Inc. lifted its position in shares of Ameriprise Financial by 268.8% in the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in shares of Ameriprise Financial in the second quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial in the first quarter valued at approximately $28,000. Finally, Mascoma Wealth Management LLC lifted its position in shares of Ameriprise Financial by 153.8% in the second quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analyst Weigh In

AMP has been the topic of several research reports. UBS Group decreased their target price on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Morgan Stanley reduced their price objective 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 lifted their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Piper Sandler reduced their price objective on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Finally, Royal Bank of Canada lifted their price objective on Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $464.33.

Ameriprise Financial Price Performance

AMP stock opened at $463.73 on Friday. Ameriprise Financial, Inc. has a 52-week low of $306.63 and a 52-week high of $464.47. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The business has a fifty day moving average of $429.87 and a two-hundred day moving average of $428.14. The stock has a market cap of $46.06 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35.

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

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 annualized dividend and a yield of 1.28%. Ameriprise Financial’s payout ratio is 20.15%.

Insider Buying and Selling

In related news, VP William Davies sold 8,700 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the transaction, the vice president now directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by insiders.

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.