DAVENPORT & Co LLC Sells 895 Shares of Ameriprise Financial, Inc. $AMP

DAVENPORT & Co LLC trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,150 shares of the financial services provider’s stock after selling 895 shares during the period. DAVENPORT & Co LLC’s holdings in Ameriprise Financial were worth $13,957,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AMP. JPMorgan Chase & Co. grew its holdings in shares of Ameriprise Financial by 21.3% during the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider’s stock worth $2,819,900,000 after purchasing an additional 1,023,002 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ameriprise Financial by 55.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,244,788 shares of the financial services provider’s stock worth $1,086,724,000 after acquiring an additional 796,925 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Ameriprise Financial by 28.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider’s stock valued at $578,852,000 after purchasing an additional 266,631 shares in the last quarter. Nuveen LLC bought a new stake in Ameriprise Financial during the first quarter worth about $469,334,000. Finally, Royal Bank of Canada boosted its holdings in shares of Ameriprise Financial by 1.1% in the 1st quarter. Royal Bank of Canada now owns 733,036 shares of the financial services provider’s stock worth $354,870,000 after purchasing an additional 7,840 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several analysts have issued reports on AMP shares. BMO Capital Markets began coverage on Ameriprise Financial in a research note on Friday. They issued a “market perform” rating and a $525.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ameriprise Financial in a report on Saturday, September 27th. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 9th. Morgan Stanley reduced their price objective 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. Finally, Royal Bank Of Canada boosted their target price on Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $535.14.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $493.88 on Tuesday. The firm has a market capitalization of $46.56 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.11 and a beta of 1.26. The stock has a fifty day moving average of $502.45 and a 200 day moving average of $502.19. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95.

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

Ameriprise Financial Announces Dividend

The business 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. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial’s dividend payout ratio 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.