Summit Financial LLC Has $2.69 Million Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Summit Financial LLC reduced its position in Ameriprise Financial, Inc. (NYSE:AMP) by 19.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,043 shares of the financial services provider’s stock after selling 1,233 shares during the period. Summit Financial LLC’s holdings in Ameriprise Financial were worth $2,685,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Axiom Investors LLC DE boosted its stake in shares of Ameriprise Financial by 11.8% during the 4th quarter. Axiom Investors LLC DE now owns 256,120 shares of the financial services provider’s stock worth $136,366,000 after acquiring an additional 27,049 shares during the period. Wellington Management Group LLP increased its holdings in shares of Ameriprise Financial by 19.1% in the fourth quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider’s stock valued at $866,000 after purchasing an additional 261 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Ameriprise Financial by 3.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 27,251 shares of the financial services provider’s stock valued at $14,509,000 after purchasing an additional 989 shares during the period. IPG Investment Advisors LLC acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth about $1,353,000. Finally, RWA Wealth Partners LLC boosted its holdings in shares of Ameriprise Financial by 3.0% during the 4th quarter. RWA Wealth Partners LLC now owns 4,337 shares of the financial services provider’s stock worth $2,309,000 after buying an additional 127 shares during the period. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group downgraded shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Piper Sandler lifted their price target on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $625.00 price target on shares of Ameriprise Financial in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $514.89.

Ameriprise Financial Trading Up 0.5 %

AMP opened at $484.54 on Tuesday. The stock has a market capitalization of $46.57 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.15 and a beta of 1.33. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a 50-day simple moving average of $523.21 and a 200 day simple moving average of $524.01.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 10th were issued a dividend of $1.48 per share. The ex-dividend date was Monday, February 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.22%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 17.91%.

Insider Buying and Selling

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total value of $523,120.00. Following the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. This trade represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Edward Sweeney sold 4,636 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the transaction, the insider now owns 7,237 shares of the company’s stock, 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. Insiders sold a total of 11,636 shares of company stock worth $6,263,989 in the last ninety days. 0.73% of the stock is owned by 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.