HighTower Advisors LLC Cuts Stake in Ameriprise Financial, Inc. $AMP

HighTower Advisors LLC lowered its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 15.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 34,719 shares of the financial services provider's stock after selling 6,398 shares during the period. HighTower Advisors LLC's holdings in Ameriprise Financial were worth $15,928,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in shares of Ameriprise Financial by 47,323.5% in the second quarter. California State Teachers Retirement System now owns 63,911,691 shares of the financial services provider's stock worth $29,320,127,000 after purchasing an additional 63,776,923 shares during the last quarter. Norges Bank bought a new stake in Ameriprise Financial during the 4th quarter valued at $742,438,000. Bank of America Corp DE purchased a new stake in Ameriprise Financial during the 2nd quarter valued at $320,948,000. Legal & General Group Plc purchased a new stake in Ameriprise Financial during the 2nd quarter valued at $262,687,000. Finally, Hsbc Holdings PLC bought a new stake in Ameriprise Financial in the 2nd quarter worth $248,547,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In related news, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,988 shares of company stock valued at $16,316,497. Insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Down 0.8%

NYSE:AMP opened at $552.24 on Thursday. The firm's 50-day moving average price is $541.93 and its 200-day moving average price is $486.75. The company has a market capitalization of $49.65 billion, a PE ratio of 13.32, a P/E/G ratio of 1.00 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same period last year, the company posted $9.11 EPS. Ameriprise Financial's revenue was up 11.6% on a year-over-year basis. On average, equities analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is currently 16.40%.

Analysts Set New Price Targets

A number of research firms have issued reports on AMP. Zacks Research upgraded shares of Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Piper Sandler raised their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Morgan Stanley upped their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Finally, Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $555.33.

Ameriprise Financial Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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