Moran Wealth Management LLC Reduces Stock Position in Ameriprise Financial, Inc. $AMP

Moran Wealth Management LLC lessened its position in Ameriprise Financial, Inc. (NYSE:AMP) by 3.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 77,993 shares of the financial services provider’s stock after selling 2,803 shares during the period. Ameriprise Financial makes up 1.3% of Moran Wealth Management LLC’s holdings, making the stock its 10th largest position. Moran Wealth Management LLC’s holdings in Ameriprise Financial were worth $41,627,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Trust Co. of Vermont boosted its position in shares of Ameriprise Financial by 0.6% during the 2nd quarter. Trust Co. of Vermont now owns 3,031 shares of the financial services provider’s stock valued at $1,618,000 after purchasing an additional 19 shares in the last quarter. Plancorp LLC lifted its stake in Ameriprise Financial by 4.8% during the first quarter. Plancorp LLC now owns 441 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 20 shares during the last quarter. Old Port Advisors lifted its stake in Ameriprise Financial by 1.5% during the second quarter. Old Port Advisors now owns 1,381 shares of the financial services provider’s stock valued at $737,000 after purchasing an additional 20 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Ameriprise Financial by 1.6% in the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider’s stock valued at $665,000 after buying an additional 21 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of Ameriprise Financial by 3.0% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider’s stock valued at $345,000 after buying an additional 21 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Heather J. Melloh sold 1,500 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares in the company, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William F. Truscott sold 9,929 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the sale, the chief executive officer owned 11,047 shares of the company’s stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.

Ameriprise Financial Stock Performance

Shares of AMP opened at $482.04 on Tuesday. The company’s 50 day moving average price is $499.90 and its 200 day moving average price is $501.72. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a market capitalization of $45.44 billion, a PE ratio of 15.00, a PEG ratio of 1.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the business posted $8.72 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial’s payout ratio is presently 19.91%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AMP. Evercore ISI decreased their target price on Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a report on Thursday, October 9th. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. BMO Capital Markets initiated coverage on shares of Ameriprise Financial in a research note on Friday, October 3rd. They set a “market perform” rating and a $525.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley reduced their price objective on shares of Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating for the company in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $539.50.

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.