Lord Abbett & CO. LLC Sells 86,841 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Lord Abbett & CO. LLC reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 23.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 287,750 shares of the financial services provider's stock after selling 86,841 shares during the period. Lord Abbett & CO. LLC owned 0.30% of Ameriprise Financial worth $153,207,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMP. Jones Financial Companies Lllp lifted its holdings in Ameriprise Financial by 24.3% in the 4th quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider's stock worth $891,000 after purchasing an additional 327 shares in the last quarter. Czech National Bank boosted its stake in Ameriprise Financial by 5.2% during the fourth quarter. Czech National Bank now owns 21,035 shares of the financial services provider's stock worth $11,200,000 after buying an additional 1,033 shares during the period. SBI Securities Co. Ltd. bought a new position in Ameriprise Financial during the 4th quarter valued at about $43,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter worth approximately $399,000. Finally, Highland Capital Management LLC bought a new position in shares of Ameriprise Financial in the fourth quarter worth about $1,286,000. 83.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now directly owns 10,000 shares of the company's stock, valued at approximately $5,231,200. This represents a 9.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares in the company, valued at approximately $3,901,249.59. This trade represents a 39.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock valued at $6,263,989 in the last 90 days. 0.73% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AMP shares. 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. Piper Sandler increased their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. UBS Group lowered shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $580.00 to $570.00 in a report on Monday, January 6th. Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a report on Monday, April 7th. Finally, Keefe, Bruyette & Woods cut their price target on Ameriprise Financial from $570.00 to $520.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $517.44.

Ameriprise Financial Price Performance

Shares of AMP stock traded down $7.80 during midday trading on Friday, reaching $466.28. 528,374 shares of the company were exchanged, compared to its average volume of 491,183. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a market cap of $44.68 billion, a P/E ratio of 14.10, a PEG ratio of 1.15 and a beta of 1.23. The company's 50 day moving average price is $486.86 and its two-hundred day moving average price is $522.51. 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 (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating analysts' consensus estimates of $9.17 by $0.33. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has authorized a stock repurchase program on Thursday, April 24th that permits the company to buyback $4.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.37%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date is Monday, May 5th. Ameriprise Financial's dividend payout ratio is 21.75%.

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.