Conning Inc. Cuts Stock Position in Ameriprise Financial, Inc. $AMP

Conning Inc. lowered its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 44.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 670 shares of the financial services provider's stock after selling 544 shares during the period. Conning Inc.'s holdings in Ameriprise Financial were worth $358,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Trust Co. of Vermont boosted its stake in Ameriprise Financial by 0.6% in the second quarter. Trust Co. of Vermont now owns 3,031 shares of the financial services provider's stock valued at $1,618,000 after acquiring an additional 19 shares during the last quarter. Plancorp LLC lifted its stake in Ameriprise Financial by 4.8% in the first quarter. Plancorp LLC now owns 441 shares of the financial services provider's stock valued at $213,000 after purchasing an additional 20 shares during the last quarter. Old Port Advisors lifted its stake in Ameriprise Financial by 1.5% in the second quarter. Old Port Advisors now owns 1,381 shares of the financial services provider's stock valued at $737,000 after purchasing an additional 20 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Ameriprise Financial by 1.6% in the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after purchasing an additional 21 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its stake in Ameriprise Financial by 3.0% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after purchasing an additional 21 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Down 2.4%

Shares of Ameriprise Financial stock opened at $479.75 on Friday. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The company has a market cap of $45.23 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.08 and a beta of 1.26. The company's 50-day moving average price is $500.39 and its 200-day moving average price is $501.70.

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

Ameriprise Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently commented on AMP. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ameriprise Financial in a report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Raymond James Financial upped their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and a consensus target price of $539.50.

Insider Activity

In related news, CEO William F. Truscott sold 9,929 shares of the firm'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 value of $5,032,910.81. Following the sale, the chief executive officer directly owned 11,047 shares of the company's stock, valued at $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. This represents a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.73% of the company's stock.

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.

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