Sandy Cove Advisors LLC Sells 57 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Sandy Cove Advisors LLC reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,890 shares of the financial services provider’s stock after selling 57 shares during the quarter. Ameriprise Financial accounts for approximately 0.6% of Sandy Cove Advisors LLC’s holdings, making the stock its 28th biggest holding. Sandy Cove Advisors LLC’s holdings in Ameriprise Financial were worth $1,267,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cornerstone Wealth Group LLC purchased a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $224,000. Annapolis Financial Services LLC boosted its stake in shares of Ameriprise Financial by 928.6% during the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 65 shares in the last quarter. Founders Financial Securities LLC purchased a new position in Ameriprise Financial during the first quarter valued at approximately $206,000. Vicus Capital bought a new position in Ameriprise Financial in the first quarter worth approximately $227,000. Finally, First Bank & Trust lifted its stake in shares of Ameriprise Financial by 3.4% during the 1st quarter. First Bank & Trust now owns 934 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 31 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the business’s stock in a transaction that occurred 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 directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.73% of the company’s stock.

Ameriprise Financial Price Performance

NYSE:AMP traded down $3.15 during trading hours on Friday, reaching $427.19. 1,293,190 shares of the company were exchanged, compared to its average volume of 421,545. The stock’s 50-day moving average is $428.66 and its 200-day moving average is $410.60. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $446.32. The firm has a market cap of $42.43 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.73 and a beta of 1.36. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.13.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, beating analysts’ consensus estimates of $8.10 by $0.29. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $7.25 earnings per share. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 34.95 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were paid a dividend of $1.48 per share. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date was Friday, May 3rd. This represents a $5.92 annualized dividend and a yield of 1.39%. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AMP. Royal Bank of Canada increased their target price on shares of Ameriprise Financial from $470.00 to $480.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. The Goldman Sachs Group boosted their target price on Ameriprise Financial from $437.00 to $488.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Piper Sandler decreased their price target on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research note on Friday. Jefferies Financial Group boosted their price target on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $456.22.

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.