Sterling Capital Management LLC Sells 6,261 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Sterling Capital Management reduced its Ameriprise Financial stake by 6.6%, selling 6,261 shares and retaining 88,286 shares valued at approximately $43.5 million. Institutional investors collectively own 83.95% of AMP.
• Analyst sentiment remains mixed, with Ameriprise carrying a consensus “Hold” rating and an average price target of $557.00. Recent target changes ranged from Morgan Stanley’s $483 underweight target to Argus’s $590 buy target.
• AMP shares recently traded at $493.29, while the company reported quarterly EPS of $11.07, exceeding estimates, and announced a $5.5 billion share-repurchase authorization covering up to 12.3% of outstanding shares.

Sterling Capital Management LLC trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 6.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 88,286 shares of the financial services provider's stock after selling 6,261 shares during the period. Ameriprise Financial makes up about 0.9% of Sterling Capital Management LLC's holdings, making the stock its 21st largest holding. Sterling Capital Management LLC owned approximately 0.10% of Ameriprise Financial worth $43,467,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its holdings in shares of Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider's stock valued at $1,019,036,000 after buying an additional 1,878,244 shares during the period. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the 3rd quarter valued at about $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new position in Ameriprise Financial in the third quarter valued at about $575,767,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AMP shares. Jefferies Financial Group lowered their target price on shares of Ameriprise Financial from $645.00 to $638.00 in a research note on Monday, October 12th. The Goldman Sachs Group reduced their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research note on Friday, October 2nd. Argus boosted their price target on shares of Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Finally, Morgan Stanley lowered their price objective on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average price target of $557.00.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on 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 directly owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Dawn M. Brockman sold 472 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Down 0.7%

Shares of AMP stock traded down $3.54 on Friday, hitting $493.29. The stock had a trading volume of 643,909 shares, compared to its average volume of 538,977. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market capitalization of $44.35 billion, a P/E ratio of 11.90, a P/E/G ratio of 1.07 and a beta of 1.16. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company's 50 day moving average price is $526.14 and its 200-day moving average price is $499.19.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the business posted $9.11 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 46.13 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Ameriprise Financial Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.

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