Foster & Motley Inc. Cuts Position in Ameriprise Financial, Inc. $AMP

Foster & Motley Inc. decreased its position in Ameriprise Financial, Inc. (NYSE:AMP) by 11.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,184 shares of the financial services provider’s stock after selling 2,148 shares during the quarter. Foster & Motley Inc.’s holdings in Ameriprise Financial were worth $7,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. SouthState Bank Corp increased its position in Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 22 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Ameriprise Financial during the first quarter valued at $28,000. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial during the second quarter valued at $28,000. Ares Financial Consulting LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $32,000. Finally, Prosperity Bancshares Inc purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $33,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.2%

Shares of NYSE AMP opened at $562.89 on Wednesday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The firm has a 50-day simple moving average of $511.57 and a two-hundred day simple moving average of $481.04. The company has a market cap of $50.60 billion, a P/E ratio of 13.58, a PEG ratio of 0.77 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the firm posted $9.11 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. Research analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be paid a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.

Insiders Place Their Bets

In other news, insider William Jerryl Williams sold 8,210 shares of Ameriprise Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Dawn M. Brockman sold 472 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president directly owned 713 shares of the company’s stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on AMP shares. Piper Sandler upped their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Morgan Stanley lifted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $555.33.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.