Penobscot Investment Management Company Inc. Purchases 953 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Penobscot Investment Management Company Inc. lifted its position in Ameriprise Financial, Inc. (NYSE:AMP) by 31.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,960 shares of the financial services provider’s stock after buying an additional 953 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Ameriprise Financial were worth $2,108,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC lifted its position in Ameriprise Financial by 79,679.4% in the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider’s stock valued at $197,943,000 after acquiring an additional 371,306 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Ameriprise Financial by 9.1% during the third quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider’s stock valued at $2,013,359,000 after purchasing an additional 358,699 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Ameriprise Financial by 429.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 417,149 shares of the financial services provider’s stock valued at $222,103,000 after buying an additional 338,298 shares during the last quarter. Amundi increased its holdings in Ameriprise Financial by 48.0% in the 4th quarter. Amundi now owns 642,226 shares of the financial services provider’s stock worth $343,546,000 after buying an additional 208,195 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Ameriprise Financial in the 4th quarter worth about $108,620,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMP. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a report on Monday, February 3rd. Morgan Stanley boosted their target price on shares of 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 price target on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research note on Friday, January 31st. Finally, UBS Group cut 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 research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $514.89.

Insider Transactions at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the stock in a transaction dated 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 owns 10,000 shares in the company, valued at approximately $5,231,200. This trade represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William F. Truscott sold 6,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 14,023 shares in the company, valued at approximately $7,576,486.67. This represents a 29.97 % 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 over the last three months. Corporate insiders own 0.96% of the company’s stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $512.01 on Wednesday. The stock’s fifty day moving average is $527.56 and its 200 day moving average is $522.40. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. 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 stock has a market cap of $49.21 billion, a P/E ratio of 15.49, a P/E/G ratio of 1.15 and a beta of 1.33.

Ameriprise Financial (NYSE:AMP) last posted 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 return on equity of 69.35% and a net margin of 19.70%. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial 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.