Kovitz Investment Group Partners LLC lowered its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 15.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,036 shares of the financial services provider's stock after selling 8,956 shares during the period. Kovitz Investment Group Partners LLC owned about 0.05% of Ameriprise Financial worth $26,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also made changes to their positions in the company. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Ameriprise Financial during the fourth quarter worth approximately $28,000. Whipplewood Advisors LLC acquired a new stake in Ameriprise Financial during the 4th quarter worth $28,000. Wingate Wealth Advisors Inc. purchased a new stake in Ameriprise Financial in the fourth quarter valued at $30,000. Finally, Sound Income Strategies LLC acquired a new position in Ameriprise Financial in the fourth quarter valued at $36,000. 83.95% of the stock is owned by institutional investors and hedge funds.
Ameriprise Financial Price Performance
AMP traded up $4.00 during midday trading on Thursday, reaching $475.02. 111,841 shares of the company's stock were exchanged, compared to its average volume of 489,907. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The stock has a market capitalization of $45.51 billion, a PE ratio of 14.36, a P/E/G ratio of 1.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The business's 50-day moving average price is $482.67 and its 200 day moving average price is $521.56.
Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. Ameriprise Financial's revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $8.39 earnings per share. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.
Ameriprise Financial announced that its Board of Directors has approved a stock buyback program on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.
Ameriprise Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's payout ratio is currently 21.75%.
Insider Activity at Ameriprise Financial
In other news, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total value of $3,241,740.00. Following the completion of the sale, the chief executive officer now owns 14,023 shares of the company's stock, valued at $7,576,486.67. The trade was a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total value of $2,499,128.52. Following the transaction, the insider now owns 7,237 shares in the company, valued at $3,901,249.59. This trade represents a 39.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,636 shares of company stock valued at $6,263,989. Company insiders own 0.57% of the company's stock.
Wall Street Analyst Weigh In
AMP has been the subject of a number of research analyst reports. Royal Bank of Canada upped their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday. Morgan Stanley boosted their target price on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. UBS Group cut shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $580.00 to $570.00 in a research note on Monday, January 6th. Raymond James upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods decreased their price target on Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $509.67.
Check Out Our Latest Research Report on Ameriprise Financial
Ameriprise Financial Profile
(
Free Report)
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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