Payden & Rygel Cuts Position in Ameriprise Financial, Inc. (NYSE:AMP)

Payden & Rygel cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,800 shares of the financial services provider's stock after selling 1,700 shares during the quarter. Ameriprise Financial accounts for about 1.6% of Payden & Rygel's portfolio, making the stock its 19th largest holding. Payden & Rygel's holdings in Ameriprise Financial were worth $19,061,000 at the end of the most recent quarter.

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

Insider Activity at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was 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 directly owns 7,237 shares of the company's stock, valued at $3,901,249.59. This represents a 39.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction that occurred on 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 directly owns 10,000 shares in the company, valued at approximately $5,231,200. This trade represents a 9.09 % decrease in their position. 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 over the last ninety days. Insiders own 0.73% of the company's stock.

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Ameriprise Financial Stock Down 3.4 %

AMP stock traded down $16.18 during mid-day trading on Thursday, reaching $456.82. The company had a trading volume of 243,100 shares, compared to its average volume of 493,335. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a market capitalization of $43.91 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a fifty day simple moving average of $504.01 and a 200 day simple moving average of $523.06.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating analysts' consensus estimates of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 10th were paid a dividend of $1.48 per share. The ex-dividend date was Monday, February 10th. This represents a $5.92 annualized dividend and a yield of 1.30%. Ameriprise Financial's dividend payout ratio is currently 17.91%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $625.00 price objective on shares of Ameriprise Financial in a research note on Monday, February 3rd. Piper Sandler increased their price target on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. Morgan Stanley boosted their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 4th. Raymond James upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ameriprise Financial from $570.00 to $520.00 and set a "market perform" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Hold" and an average price target of $510.20.

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.