DekaBank Deutsche Girozentrale has reduced its holdings in Ameriprise Financial, Inc. (NYSE: AMP) by 1.4% during the second quarter of 2023, according to data from HoldingsChannel. The bank now owns 58,558 shares of the financial services provider, having sold 842 shares in the reported period. DekaBank’s stake in Ameriprise Financial was valued at approximately $31.0 million at the end of June 2023.
In addition to DekaBank’s actions, several other institutional investors and hedge funds have adjusted their positions in Ameriprise Financial. Trust Co. of Vermont increased its stake by 0.6%, now holding 3,031 shares worth about $1.6 million after acquiring an additional 19 shares. Similarly, Plancorp LLC raised its stake by 4.8% in the first quarter, now owning 441 shares valued at $213,000 following a purchase of 20 shares.
Old Port Advisors and Pinnacle Associates Ltd. also expanded their holdings in the second quarter, with Old Port Advisors increasing its shares to 1,381, worth $737,000, and Pinnacle Associates Ltd. owning 1,374 shares, valued at $665,000. Pinnacle Wealth Management Advisory Group LLC reported a 3.0% increase in its holdings, now totaling 712 shares worth $345,000. Overall, institutional investors and hedge funds control approximately 83.95% of Ameriprise Financial’s shares.
Insider Transactions Raise Eyebrows
In related news, Ameriprise Financial’s CEO, William F. Truscott, sold 9,929 shares on August 19, 2023, at an average price of $506.89, resulting in a transaction valued at $5.0 million. Following this sale, Truscott holds 11,047 shares valued at around $5.6 million, marking a significant 47.34% decrease in his ownership.
Moreover, Executive Vice President Heather J. Melloh sold 1,500 shares on September 4, 2023, for a total of $768,510. After this transaction, Melloh owned 2,562 shares valued at approximately $1.3 million, which represents a 36.93% reduction in her stake. Currently, insiders own about 0.73% of Ameriprise Financial’s stock.
Financial Performance and Analyst Ratings
Ameriprise Financial recently reported its quarterly earnings on July 24, 2023. The company posted earnings per share of $9.11, exceeding analysts’ expectations of $9.00 by $0.11. The firm’s return on equity stood at 65.90%, with a net margin of 18.30%. Revenue for the quarter reached $4.49 billion, surpassing the anticipated $4.33 billion.
Analysts predict that Ameriprise Financial, Inc. will achieve earnings per share of $38.64 for the current financial year. Ratings from various analysts have varied, with Piper Sandler raising its target price from $423.00 to $434.00, while Morgan Stanley lowered its target from $530.00 to $484.00. Currently, one analyst rates the stock as a Strong Buy, two as Buy, five as Hold, and two as Sell, indicating an average rating of “Hold” with a consensus target price of $539.50.
As Ameriprise Financial continues to navigate the complex financial landscape, the adjustments by both institutional investors and insiders reflect a dynamic environment. The firm operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other, offering diverse financial products and services to clients worldwide.
