Argent Capital Management LLC Has $348,000 Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Argent Capital Management LLC significantly reduced its holdings in Ameriprise Financial by 98.6%, decreasing from 46,617 shares to just 652 shares, valued at $348,000 as of the end of the second quarter.
• The stock has received varying ratings from analysts, with one strong buy, one buy, four holds, and two sells; the average price target has been set at $534.71.
• Recently, Ameriprise Financial announced a quarterly dividend of $1.60, representing a yield of 1.3%, with a reported annual payout ratio of 19.91%.

Argent Capital Management LLC cut its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 98.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 652 shares of the financial services provider's stock after selling 45,965 shares during the period. Argent Capital Management LLC's holdings in Ameriprise Financial were worth $348,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of AMP. Wealth Preservation Advisors LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth about $29,000. TD Capital Management LLC increased its stake in shares of Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock worth $29,000 after purchasing an additional 51 shares during the last quarter. WPG Advisers LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth about $33,000. Opal Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth about $36,000. Finally, TCTC Holdings LLC increased its stake in shares of Ameriprise Financial by 100.0% during the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after purchasing an additional 49 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMP has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Piper Sandler boosted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Finally, Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $534.71.

Insider Activity at Ameriprise Financial

In related news, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were 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 owned 2,562 shares of the company's stock, valued at $1,312,615.08. This represents a 36.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William F. Truscott sold 9,929 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total transaction 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 approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $494.72 on Tuesday. The company has a market cap of $46.64 billion, a price-to-earnings ratio of 15.39, a PEG 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 firm has a 50 day simple moving average of $509.79 and a 200 day simple moving average of $501.72. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm's revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.72 EPS. Research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial's dividend payout ratio is presently 19.91%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.