Geode Capital Management LLC Raises Stake in Ameriprise Financial, Inc. $AMP

Geode Capital Management LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,818,428 shares of the financial services provider’s stock after purchasing an additional 47,584 shares during the period. Geode Capital Management LLC’s holdings in Ameriprise Financial were worth $1,500,115,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC grew its stake in Ameriprise Financial by 71.0% in the 2nd quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock valued at $28,000 after buying an additional 22 shares in the last quarter. Salomon & Ludwin LLC grew its position in shares of Ameriprise Financial by 115.4% in the second quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 30 shares in the last quarter. TD Capital Management LLC raised its stake in shares of Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 51 shares during the period. Wealth Preservation Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth about $29,000. Finally, WPG Advisers LLC bought a new position in Ameriprise Financial in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

AMP opened at $470.38 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The stock’s 50 day simple moving average is $481.97 and its 200 day simple moving average is $502.74. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.07 and a beta of 1.28. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, October 30th. The financial services provider reported $9.92 earnings per share for the quarter, beating analysts’ consensus estimates of $9.76 by $0.16. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.51 billion. During the same quarter in the prior year, the firm posted $9.02 earnings per share. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Monday, November 10th will be given a $1.60 dividend. The ex-dividend date is Monday, November 10th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is presently 17.55%.

Insider Activity

In other news, EVP Heather J. Melloh sold 1,500 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at approximately $1,312,615.08. This represents a 36.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William F. Truscott sold 9,929 shares of the firm’s stock in a transaction dated 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 directly owned 11,047 shares in the company, valued at $5,599,613.83. The trade was a 47.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AMP shares. Keefe, Bruyette & Woods reduced their price objective on shares of Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. Evercore ISI lowered their price objective on Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a research report on Thursday, October 9th. BMO Capital Markets initiated coverage on Ameriprise Financial in a research report on Friday, October 3rd. They set a “market perform” rating and a $525.00 target price for the company. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Ameriprise Financial in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $530.63.

About Ameriprise Financial

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.