Maryland State Retirement & Pension System Has $2.76 Million Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Maryland State Retirement & Pension System cut its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 9.1% during the fourth quarter, HoldingsChannel reports. The fund owned 5,190 shares of the financial services provider’s stock after selling 521 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Ameriprise Financial were worth $2,763,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Generali Asset Management SPA SGR acquired a new position in shares of Ameriprise Financial in the fourth quarter worth $6,815,000. Evoke Wealth LLC increased its stake in shares of Ameriprise Financial by 26.0% in the fourth quarter. Evoke Wealth LLC now owns 552 shares of the financial services provider’s stock worth $294,000 after acquiring an additional 114 shares during the last quarter. Horizon Investments LLC increased its stake in shares of Ameriprise Financial by 1.4% in the fourth quarter. Horizon Investments LLC now owns 1,602 shares of the financial services provider’s stock worth $851,000 after acquiring an additional 22 shares during the last quarter. Carlson Capital Management acquired a new position in Ameriprise Financial during the fourth quarter worth $282,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Ameriprise Financial during the fourth quarter worth $98,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Ameriprise Financial Trading Down 1.3 %

Shares of NYSE:AMP opened at $492.77 on Friday. The company has a market cap of $47.36 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.15 and a beta of 1.33. The stock’s 50-day moving average is $528.49 and its 200-day moving average is $519.94. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week 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.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) 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%. Equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 10th were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, February 10th. Ameriprise Financial’s payout ratio is presently 17.91%.

Insider Activity at Ameriprise Financial

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