Prudential Financial Inc. Sells 21,429 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Prudential Financial Inc. cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 24.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 65,724 shares of the financial services provider’s stock after selling 21,429 shares during the period. Prudential Financial Inc.’s holdings in Ameriprise Financial were worth $34,993,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of AMP. TCTC Holdings LLC purchased a new position in Ameriprise Financial in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $28,000. Whipplewood Advisors LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter worth about $28,000. Wingate Wealth Advisors Inc. bought a new position in Ameriprise Financial during the fourth quarter valued at about $30,000. Finally, Sound Income Strategies LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $36,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMP has been the topic of a number of research analyst reports. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $580.00 to $570.00 in a research note on Monday, January 6th. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Piper Sandler raised their target price on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research report on Friday, January 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $625.00 price target on shares of Ameriprise Financial in a research report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $514.89.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $512.01 on Wednesday. The business’s fifty day moving average is $527.56 and its 200 day moving average is $522.40. The firm has a market cap of $49.21 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 1.15 and a beta of 1.33. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. Research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 10th were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.16%. The ex-dividend date was Monday, February 10th. Ameriprise Financial’s dividend payout ratio is presently 17.91%.

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total value of $3,241,740.00. Following the sale, the chief executive officer now owns 14,023 shares in the company, valued at approximately $7,576,486.67. This trade represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total value of $523,120.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $5,231,200. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,636 shares of company stock valued at $6,263,989 in the last three months. Company insiders own 0.96% of the company’s stock.

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.