Ameriprise Financial, Inc. $AMP Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management reduced its stake in Ameriprise Financial by 1.0%, now holding 67,915 shares worth approximately $36.25 million.
• JPMorgan Chase & Co. significantly increased its position by 21.3%, now owning over 5.8 million shares valued at about $2.82 billion, while other firms like UBS and GAMMA also raised their stakes.
• Ameriprise Financial reported a quarterly EPS of $9.11, exceeding estimates and showing a 2.2% year-over-year revenue growth, alongside a recent dividend announcement of $1.60 per share.

Wedge Capital Management L L P NC trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,915 shares of the financial services provider's stock after selling 695 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of Ameriprise Financial worth $36,248,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Ameriprise Financial by 1.9% in the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after acquiring an additional 83 shares in the last quarter. Spire Wealth Management boosted its holdings in Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after acquiring an additional 683 shares in the last quarter. Ascent Group LLC bought a new stake in Ameriprise Financial in the first quarter worth $371,000. Exchange Traded Concepts LLC boosted its holdings in Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares in the last quarter. Finally, Advisory Alpha LLC purchased a new position in shares of Ameriprise Financial in the first quarter worth $265,000. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Trading Down 0.4%

AMP stock traded down $1.74 during midday trading on Tuesday, reaching $492.62. 193,392 shares of the company traded hands, compared to its average volume of 505,684. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The business has a 50 day moving average of $509.79 and a 200-day moving average of $501.72. The firm has a market capitalization of $46.44 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.04 and a beta of 1.27.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.Ameriprise Financial's quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the business posted $8.72 EPS. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Insider Buying and Selling at Ameriprise Financial

In related news, EVP Heather J. Melloh sold 1,500 shares of the business's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $512.34, for a total transaction of $768,510.00. Following the transaction, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. The trade was a 36.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $5,032,910.81. Following the completion of the sale, the chief executive officer directly owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their position. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Raymond James Financial upped their price target on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Royal Bank Of Canada upped their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price 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.