Fulton Bank N.A. Trims Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• Fulton Bank N.A. reduced its stake in Ameriprise Financial by 7.3%, now holding 7,082 shares valued at $3.78 million following the sale of 558 shares.
• Ameriprise Financial reported earnings per share of $9.11 for the last quarter, beating estimates by $0.11, and had a revenue of $4.49 billion, exceeding analyst forecasts.
• The company announced a quarterly dividend of $1.60, representing a 1.3% yield and an annualized payout of $6.40, with a payout ratio of 19.91%.

Fulton Bank N.A. lowered its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 7.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,082 shares of the financial services provider's stock after selling 558 shares during the period. Fulton Bank N.A.'s holdings in Ameriprise Financial were worth $3,780,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Ameriprise Financial during the fourth quarter valued at about $31,000. Wealth Preservation Advisors LLC bought a new position in Ameriprise Financial during the first quarter valued at about $29,000. TD Capital Management LLC grew its position in Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock valued at $29,000 after buying an additional 51 shares during the period. Finally, WPG Advisers LLC bought a new position in Ameriprise Financial during the first quarter valued at about $33,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Down 0.7%

NYSE:AMP traded down $3.24 during trading hours on Friday, hitting $488.15. The company had a trading volume of 1,500,973 shares, compared to its average volume of 449,686. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a market capitalization of $46.02 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.04 and a beta of 1.27. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a 50-day moving average price of $510.69 and a 200 day moving average price of $501.76.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the previous year, the business posted $8.72 EPS. The company's quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's payout ratio is 19.91%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AMP. Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Piper Sandler raised their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $534.71.

Insider Activity

In other news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares of the company's stock, valued at $5,599,613.83. The trade was a 47.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of Ameriprise Financial stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares of the company's stock, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Ameriprise Financial Company 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.