Patton Albertson Miller Group LLC Sells 3,047 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Patton Albertson Miller Group LLC reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 18.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,753 shares of the financial services provider's stock after selling 3,047 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Ameriprise Financial were worth $6,658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMP. GAMMA Investing LLC increased its holdings in shares of Ameriprise Financial by 1.9% in the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after purchasing an additional 83 shares during the last quarter. Spire Wealth Management increased its holdings in shares of Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after purchasing an additional 683 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock valued at $470,000 after purchasing an additional 806 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after purchasing an additional 420 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. 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. Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $462.00 to $530.00 in a research note on Tuesday. Finally, Raymond James Financial upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research note on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of "Hold" and a consensus price target of $524.71.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $539.82 on Friday. The firm has a 50 day moving average of $520.25 and a 200-day moving average of $511.42. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $51.40 billion, a PE ratio of 18.34, a PEG ratio of 1.12 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter in the prior year, the firm posted $8.39 EPS. The firm's quarterly revenue was up 3.6% 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 announced that its board has authorized a share repurchase plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, May 5th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is 21.75%.

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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