Sanibel Captiva Trust Company Inc. Sells 232 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Sanibel Captiva Trust Company Inc. reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 8.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,657 shares of the financial services provider’s stock after selling 232 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Ameriprise Financial were worth $1,286,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial during the fourth quarter valued at approximately $26,000. TCTC Holdings LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at $28,000. Whipplewood Advisors LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at $28,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in Ameriprise Financial during the fourth quarter valued at about $30,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Down 0.3%

AMP opened at $516.56 on Wednesday. The firm has a 50-day simple moving average of $486.79 and a two-hundred day simple moving average of $515.76. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a market capitalization of $49.19 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. 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 (NYSE:AMP) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating analysts’ consensus estimates of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period in the prior year, the company earned $8.39 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a dividend of $1.60 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio is currently 21.75%.

Ameriprise Financial declared that its board has approved a share repurchase plan on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMP. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 7th. Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley upped their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Raymond James raised shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price for the company in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $517.13.

Ameriprise Financial 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.