Summit Global Investments Sells 546 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Summit Global Investments trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 45.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 646 shares of the financial services provider’s stock after selling 546 shares during the period. Summit Global Investments’ holdings in Ameriprise Financial were worth $245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in AMP. OFI Invest Asset Management bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at $25,000. Carmel Capital Partners LLC acquired a new position in Ameriprise Financial in the third quarter valued at about $30,000. Turtle Creek Wealth Advisors LLC bought a new stake in Ameriprise Financial during the fourth quarter worth about $34,000. Wetzel Investment Advisors Inc. acquired a new stake in Ameriprise Financial during the fourth quarter worth about $34,000. Finally, Fortitude Family Office LLC bought a new position in Ameriprise Financial in the 4th quarter valued at about $39,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $425.01 on Tuesday. Ameriprise Financial, Inc. has a fifty-two week low of $286.58 and a fifty-two week high of $440.67. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50 day simple moving average of $420.52 and a two-hundred day simple moving average of $385.34. The company has a market capitalization of $42.58 billion, a PE ratio of 14.47, a P/E/G ratio of 0.71 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.29. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $7.25 earnings per share. Research analysts anticipate that Ameriprise Financial, Inc. will post 34.74 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a $1.48 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $5.92 annualized dividend and a dividend yield of 1.39%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Insider Activity at Ameriprise Financial

In other news, insider Gumer Alvero sold 1,652 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $437.00, for a total value of $721,924.00. Following the transaction, the insider now owns 6,994 shares in the company, valued at approximately $3,056,378. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Gumer Alvero sold 1,652 shares of Ameriprise Financial stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $437.00, for a total transaction of $721,924.00. Following the sale, the insider now directly owns 6,994 shares in the company, valued at approximately $3,056,378. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 13,346 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $387.81, for a total transaction of $5,175,712.26. Following the transaction, the chief financial officer now owns 6,409 shares of the company’s stock, valued at approximately $2,485,474.29. The disclosure for this sale can be found here. Insiders have sold 70,326 shares of company stock valued at $28,229,193 over the last ninety days. Corporate insiders own 0.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AMP. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. UBS Group boosted their target price on shares of Ameriprise Financial from $440.00 to $445.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Morgan Stanley boosted their price objective on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Evercore ISI increased their target price on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group lifted their price target on Ameriprise Financial from $437.00 to $488.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $450.88.

Ameriprise Financial Company Profile

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.