DAVENPORT & Co LLC Has $13.96 Million Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• DAVENPORT & Co LLC reduced its stake in Ameriprise Financial by 3.3%, holding 26,150 shares valued at approximately $13.96 million.
• A number of analysts have increased their price targets for Ameriprise Financial, with Raymond James raising it to $582.00 and Royal Bank of Canada to $601.00, indicating positive market sentiment.
• The company recently announced a quarterly dividend of $1.60 per share, representing a 1.3% yield and a payout ratio of 19.91%.

DAVENPORT & Co LLC lessened its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,150 shares of the financial services provider's stock after selling 895 shares during the period. DAVENPORT & Co LLC's holdings in Ameriprise Financial were worth $13,957,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Grimes & Company Inc. raised its stake in shares of Ameriprise Financial by 3.9% in the second quarter. Grimes & Company Inc. now owns 1,528 shares of the financial services provider's stock worth $816,000 after purchasing an additional 58 shares during the last quarter. Simplicity Wealth LLC grew its holdings in Ameriprise Financial by 109.3% during the second quarter. Simplicity Wealth LLC now owns 2,043 shares of the financial services provider's stock worth $1,090,000 after buying an additional 1,067 shares in the last quarter. OLD National Bancorp IN raised its position in Ameriprise Financial by 3,435.7% in the 2nd quarter. OLD National Bancorp IN now owns 16,653 shares of the financial services provider's stock valued at $8,888,000 after buying an additional 16,182 shares during the last quarter. Accel Wealth Management boosted its holdings in Ameriprise Financial by 1.8% during the 2nd quarter. Accel Wealth Management now owns 1,449 shares of the financial services provider's stock worth $773,000 after acquiring an additional 26 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. grew its stake in shares of Ameriprise Financial by 2.7% in the 2nd quarter. Penobscot Investment Management Company Inc. now owns 4,348 shares of the financial services provider's stock worth $2,321,000 after acquiring an additional 116 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on AMP shares. Raymond James Financial raised their price target 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. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Weiss Ratings restated a "buy (b)" rating on shares of Ameriprise Financial in a research note on Saturday, September 27th. Royal Bank Of Canada upped their target price on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets initiated coverage on Ameriprise Financial in a report on Friday. They set a "market perform" rating and a $525.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average price target of $535.14.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $493.88 on Tuesday. 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 stock has a fifty day simple moving average of $502.45 and a two-hundred day simple moving average of $502.19. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The firm has a market cap of $46.56 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 1.11 and a beta of 1.26.

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

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given 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 payout ratio is 19.91%.

Insider Buying and Selling

In other Ameriprise Financial news, EVP Heather J. Melloh sold 1,500 shares of the business's stock in a transaction 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 sale, the executive vice president owned 2,562 shares of the company's stock, valued at $1,312,615.08. The trade was a 36.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction on 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 directly owned 11,047 shares of the company's stock, valued at $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company's stock.

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.

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