Princeton Global Asset Management LLC Cuts Stake in Ameriprise Financial, Inc. $AMP

Princeton Global Asset Management LLC lessened its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 50.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 255 shares of the financial services provider’s stock after selling 255 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Ameriprise Financial were worth $136,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $2,114,000 after purchasing an additional 83 shares in the last quarter. NorthRock Partners LLC grew its holdings in shares of Ameriprise Financial by 8.9% during the second quarter. NorthRock Partners LLC now owns 10,955 shares of the financial services provider’s stock valued at $5,847,000 after buying an additional 897 shares during the last quarter. Spire Wealth Management increased its position in shares of Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock valued at $692,000 after acquiring an additional 683 shares in the last quarter. Ascent Group LLC bought a new stake in shares of Ameriprise Financial during the first quarter valued at approximately $371,000. Finally, Advisory Alpha LLC purchased a new position in Ameriprise Financial in the 1st quarter worth approximately $265,000. Institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on AMP shares. Morgan Stanley cut their target price on Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 1st. BMO Capital Markets began coverage on Ameriprise Financial in a research report on Friday, October 3rd. They set a “market perform” rating and a $525.00 price objective on the stock. Evercore ISI reduced their price objective on Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a report on Thursday, October 9th. William Blair cut shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ameriprise Financial in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $539.50.

Insiders Place Their Bets

In related news, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the transaction, the chief executive officer directly owned 11,047 shares in the company, valued at approximately $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $768,510.00. Following the completion of the sale, the executive vice president owned 2,562 shares of the company’s stock, valued at approximately $1,312,615.08. The trade was a 36.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

Ameriprise Financial Stock Up 0.5%

Ameriprise Financial stock opened at $472.65 on Tuesday. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05. The stock has a fifty day moving average of $497.02 and a 200 day moving average of $501.96. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a market cap of $44.56 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.05 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last released its quarterly 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 return on equity of 65.90% and a net margin of 18.30%.The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the company posted $8.72 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were given a $1.60 dividend. The ex-dividend date was Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 19.91%.

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.