The Manufacturers Life Insurance Company Decreases Stock Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Ameriprise Financial by 35.4%, now holding about 0.14% of the company worth $65.9 million after selling 74,544 shares.
• Recent insider activity includes CEO William F. Truscott selling 9,929 shares for over $5 million, representing a 47.34% decrease in his ownership.
• Ameriprise Financial reported a quarterly earnings per share (EPS) of $9.11, exceeding analysts' expectations, with projected earnings of $38.64 per share for the current fiscal year.

The Manufacturers Life Insurance Company trimmed its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 35.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,203 shares of the financial services provider's stock after selling 74,544 shares during the quarter. The Manufacturers Life Insurance Company owned 0.14% of Ameriprise Financial worth $65,937,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of AMP. GAMMA Investing LLC increased its position in shares of Ameriprise Financial by 1.9% during the 1st 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 period. Spire Wealth Management boosted its position in Ameriprise Financial by 91.6% in the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after buying an additional 683 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after purchasing an additional 806 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Ameriprise Financial by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after buying an additional 1,433 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted 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 in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the transaction, the chief executive officer owned 11,047 shares in the company, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.57% of the company's stock.

Ameriprise Financial Stock Performance

AMP stock traded down $6.16 on Wednesday, hitting $506.66. The company's stock had a trading volume of 418,050 shares, compared to its average volume of 499,427. The stock has a market cap of $47.76 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The firm has a 50 day moving average of $521.26 and a two-hundred day moving average of $505.03.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly 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 company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same period last year, the company earned $8.72 EPS. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's dividend payout ratio is presently 19.91%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AMP. William Blair cut shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their target price for the company from $462.00 to $530.00 in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial 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.