DekaBank Reduces Stake in Ameriprise Financial Amid Market Changes

DekaBank Deutsche Girozentrale has reduced its holdings in shares of Ameriprise Financial, Inc. (NYSE: AMP) by 1.4% during the second quarter of 2023. According to HoldingsChannel, the bank now owns 58,558 shares after selling 842 shares during this period. By the end of the most recent reporting phase, DekaBank’s stake in Ameriprise Financial was valued at approximately $31,037,000.

This reduction in holdings is part of a broader trend among institutional investors regarding Ameriprise. Trust Co. of Vermont increased its stake by 0.6% during the same quarter, now owning 3,031 shares valued at around $1,618,000 after acquiring an additional 19 shares. Similarly, Plancorp LLC raised its stake by 4.8% in the first quarter, holding 441 shares worth $213,000 after purchasing 20 more shares.

Old Port Advisors and Pinnacle Associates Ltd. also reported increases in their holdings, with Old Port Advisors growing its stake by 1.5% to 1,381 shares, valued at $737,000, and Pinnacle Associates Ltd. increasing theirs by 1.6% to 1,374 shares worth $665,000. A significant portion of Ameriprise Financial’s stock, approximately 83.95%, is owned by institutional investors and hedge funds.

In notable insider trading news, CEO William F. Truscott sold 9,929 shares on August 19, 2023, at an average price of $506.89, totaling around $5,032,910.81. Following this sale, Truscott retains 11,047 shares valued at approximately $5,599,613.83, marking a 47.34% decrease in his position. This transaction was disclosed in a filing with the U.S. Securities and Exchange Commission.

Additionally, Executive Vice President Heather J. Melloh sold 1,500 shares on September 4, 2023, at an average price of $512.34, resulting in a total of $768,510.00. Post-sale, Melloh holds 2,562 shares valued at approximately $1,312,615.08, reflecting a 36.93% reduction in her ownership.

Ameriprise Financial recently reported a 1.4% decline in its stock price. The company disclosed its quarterly earnings on July 24, 2023, reporting earnings per share of $9.11, exceeding analysts’ expectations of $9.00 by $0.11. The firm achieved a return on equity of 65.90% and a net margin of 18.30%, with revenues totaling $4.49 billion against expected revenues of $4.33 billion. Compared to the same quarter last year, revenue increased by 2.2%.

Analysts have varied views on Ameriprise Financial’s stock. Recent reports have seen Piper Sandler increase its target price from $423.00 to $434.00 while maintaining an “underweight” rating. Conversely, Morgan Stanley has decreased its target from $530.00 to $484.00, also issuing an “underweight” rating.

Ratings from other analysts reflect a mixed sentiment, with one analyst assigning a “Strong Buy,” two a “Buy,” five a “Hold,” and two a “Sell” rating. According to data from MarketBeat.com, Ameriprise Financial holds an average rating of “Hold” with a consensus target price of $539.50.

Ameriprise Financial, based in the United States, offers a range of financial products and services to both individual and institutional clients, operating through segments including Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.

For detailed insights into Ameriprise Financial and to monitor ongoing trades, interested parties can visit HoldingsChannel.com for the latest filings and updates.