Envestnet Asset Management Inc. Cuts Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Envestnet Asset Management Inc. reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 701,985 shares of the financial services provider’s stock after selling 1,091 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Ameriprise Financial were worth $299,881,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Portside Wealth Group LLC boosted its position in Ameriprise Financial by 3.7% during the second quarter. Portside Wealth Group LLC now owns 697 shares of the financial services provider’s stock worth $298,000 after purchasing an additional 25 shares in the last quarter. Signaturefd LLC lifted its position in shares of Ameriprise Financial by 1.1% during the 1st quarter. Signaturefd LLC now owns 2,296 shares of the financial services provider’s stock valued at $1,007,000 after buying an additional 26 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Ameriprise Financial by 0.7% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,760 shares of the financial services provider’s stock valued at $1,606,000 after acquiring an additional 26 shares during the period. Aua Capital Management LLC increased its holdings in Ameriprise Financial by 4.7% in the 1st quarter. Aua Capital Management LLC now owns 604 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 27 shares in the last quarter. Finally, Gratus Wealth Advisors LLC raised its position in Ameriprise Financial by 1.5% during the first quarter. Gratus Wealth Advisors LLC now owns 1,887 shares of the financial services provider’s stock worth $779,000 after acquiring an additional 27 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMP. Keefe, Bruyette & Woods cut their target price on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. UBS Group reduced their target price on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Piper Sandler lowered their price target on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research note on Friday, June 28th. Jefferies Financial Group increased their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. One investment 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. According to data from MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average price target of $464.33.

Insiders Place Their Bets

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 value of $3,846,009.00. Following the sale, the vice president now owns 13,199 shares in the company, valued at approximately $5,834,881.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is owned by insiders.

Ameriprise Financial Stock Up 1.2 %

NYSE AMP opened at $440.39 on Friday. The business’s fifty day simple moving average is $428.44 and its 200-day simple moving average is $427.05. 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 firm has a market cap of $43.24 billion, a PE ratio of 14.99, a P/E/G ratio of 0.75 and a beta of 1.35. Ameriprise Financial, Inc. has a 52 week low of $306.63 and a 52 week high of $450.35.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping 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 company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm earned $7.44 earnings per share. Ameriprise Financial’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

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

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.