Wedge Capital Management L L P NC Trims Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Wedge Capital Management L L P NC reduced its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 18.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,382 shares of the financial services provider’s stock after selling 16,228 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Ameriprise Financial were worth $37,473,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Oakworth Capital Inc. acquired a new position in Ameriprise Financial in the 3rd quarter valued at $31,000. Country Trust Bank boosted its holdings in shares of Ameriprise Financial by 213.6% in the third quarter. Country Trust Bank now owns 69 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 47 shares in the last quarter. Peterson Financial Group Inc. acquired a new position in shares of Ameriprise Financial during the third quarter worth about $45,000. Friedenthal Financial purchased a new position in Ameriprise Financial during the fourth quarter worth about $58,000. Finally, Trifecta Capital Advisors LLC boosted its holdings in Ameriprise Financial by 31.4% in the 3rd quarter. Trifecta Capital Advisors LLC now owns 138 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 33 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on AMP shares. The Goldman Sachs Group lowered shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $485.00 to $476.00 in a research report on Thursday, September 26th. Royal Bank of Canada increased their target price on shares of Ameriprise Financial from $535.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Morgan Stanley boosted their price target on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods dropped their price objective on Ameriprise Financial from $565.00 to $560.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Finally, UBS Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $494.89.

Ameriprise Financial Stock Performance

Shares of AMP opened at $551.61 on Friday. The company has a market capitalization of $53.51 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 0.78 and a beta of 1.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.65 and a current ratio of 0.65. Ameriprise Financial, Inc. has a 1 year low of $369.29 and a 1 year high of $577.00. The company’s 50 day simple moving average is $548.42 and its 200 day simple moving average is $488.11.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were paid a $1.48 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $5.92 annualized dividend and a yield of 1.07%. Ameriprise Financial’s payout ratio is currently 22.73%.

Insider Buying and Selling

In other news, CFO Walter Stanley Berman sold 8,655 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the completion of the sale, the chief financial officer now directly owns 6,409 shares in the company, valued at $3,615,701.44. This represents a 57.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Edward Sweeney sold 10,735 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $549.68, for a total value of $5,900,814.80. Following the completion of the transaction, the insider now directly owns 5,811 shares in the company, valued at $3,194,190.48. This trade represents a 64.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,715 shares of company stock worth $11,983,436. 0.73% of the stock is owned by company insiders.

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.