Gabelli Funds LLC reduces position in Ameriprise Financial, Inc. (NYSE:AMP)

Gabelli Funds LLC cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 13.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The company owned 1,300 shares of the financial services provider after selling 200 shares during the period. Gabelli Funds LLC’s holdings in Ameriprise Financial were worth $570,000, according to its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Retirement Group LLC purchased a new position in shares of Ameriprise Financial during the first quarter worth $25,000. Redmont Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial during the first quarter worth approximately $28,000. Annapolis Financial Services LLC increased its stake in shares of Ameriprise Financial by 928.6% in the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider worth $32,000 after acquiring an additional 65 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of Ameriprise Financial during the first quarter worth approximately $32,000. Finally, Benjamin Edwards Inc. purchased a new stake in Ameriprise Financial during the first quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.95% of the company’s shares.

Analysts set new price targets

AMP has been the subject of several recent analyst reports. Evercore ISI raised their price target on shares of Ameriprise Financial from $400.00 to $445.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Morgan Stanley raised their price target on shares of Ameriprise Financial from $400.00 to $437.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Piper Sandler lowered their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Royal Bank of Canada raised their price target on Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average price target of $462.89.

Read our latest stock analysis on AMP

Insiders place their bets

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total value of $657,105.00. Following the sale, the Director now owns 11,000 shares of the company’s stock, valued at $4,818,770. The sale was disclosed in a legal filing with the SEC, available at this hyperlink. 0.73% of the shares are held by insiders.

Ameriprise Financial shares down 0.5%

Shares of NYSE AMP opened at $439.54 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.56 and a debt-to-equity ratio of 1.16. Ameriprise Financial, Inc. has a 12-month low of $306.63 and a 12-month high of $449.94. The company’s 50-day moving average price is $431.95 and its 200-day moving average price is $418.23. The stock has a market cap of $43.66 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 0.69 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP – Get Free Report) last released its quarterly earnings results on Wednesday, July 24. The financial services company reported $8.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The company’s quarterly revenue increased by 9.6% compared to the year-ago quarter. In the same period last year, the company posted earnings per share of $7.44. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 34.89 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will receive a dividend of $1.48. The ex-dividend date for this dividend is Monday, August 5th. This represents an annualized dividend of $5.92 and a yield of 1.35%. Ameriprise Financial’s dividend payout ratio currently stands at 20.15%.

About Ameriprise Financial

(Free Report)

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.

Also see

Get news and reviews for Ameriprise Financial Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings on Ameriprise Financial and related companies with MarketBeat.com’s FREE daily email newsletter.