Clear Street Markets LLC trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 80.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 207 shares of the financial services provider’s stock after selling 866 shares during the quarter. Clear Street Markets LLC’s holdings in Ameriprise Financial were worth $63,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of Ameriprise Financial by 5.7% in the 1st quarter. Bank of America Corp DE now owns 939,489 shares of the financial services provider’s stock valued at $287,953,000 after purchasing an additional 50,804 shares during the period. Ontario Teachers Pension Plan Board raised its holdings in Ameriprise Financial by 8.3% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 4,594 shares of the financial services provider’s stock valued at $1,408,000 after acquiring an additional 352 shares during the period. Epoch Investment Partners Inc. raised its holdings in Ameriprise Financial by 9.4% in the 1st quarter. Epoch Investment Partners Inc. now owns 147,358 shares of the financial services provider’s stock valued at $45,165,000 after acquiring an additional 12,723 shares during the period. CIBC Asset Management Inc raised its holdings in Ameriprise Financial by 0.3% in the 1st quarter. CIBC Asset Management Inc now owns 15,669 shares of the financial services provider’s stock valued at $4,803,000 after acquiring an additional 52 shares during the period. Finally, Perennial Advisors LLC bought a new position in Ameriprise Financial in the 1st quarter valued at about $208,000. 82.62% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, CFO Walter Stanley Berman sold 13,042 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the sale, the chief financial officer now owns 8,048 shares in the company, valued at approximately $2,829,274.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ameriprise Financial news, CEO James M. Cracchiolo sold 9,616 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the sale, the chief executive officer now owns 157,103 shares in the company, valued at $55,614,462. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Walter Stanley Berman sold 13,042 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the completion of the sale, the chief financial officer now owns 8,048 shares in the company, valued at approximately $2,829,274.40. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.
Ameriprise Financial Stock Performance
Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its earnings results on Thursday, July 27th. The financial services provider reported $7.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.29 by $0.15. The firm had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. Ameriprise Financial had a net margin of 15.94% and a return on equity of 82.23%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.81 EPS. Equities research analysts predict that Ameriprise Financial, Inc. will post 29.94 earnings per share for the current year.
Ameriprise Financial announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Ameriprise Financial Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were given a dividend of $1.35 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, August 4th. This represents a $5.40 annualized dividend and a dividend yield of 1.59%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 25.36%.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on AMP shares. StockNews.com started coverage on shares of Ameriprise Financial in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada increased their price target on shares of Ameriprise Financial from $385.00 to $410.00 and gave the company an “outperform” rating in a report on Tuesday, August 1st. Finally, Morgan Stanley increased their price target on shares of Ameriprise Financial from $350.00 to $360.00 and gave the company an “equal weight” rating in a report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Ameriprise Financial has a consensus rating of “Hold” and an average target price of $358.22.
Ameriprise Financial Profile
Ameriprise Financial, Inc, through 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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