Convergence Investment Partners LLC cut its position in Ameriprise Financial, Inc. (NYSE:AMP) by 51.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,684 shares of the financial services provider’s stock after selling 3,933 shares during the quarter. Convergence Investment Partners LLC’s holdings in Ameriprise Financial were worth $553,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in AMP. TRUE Private Wealth Advisors increased its holdings in Ameriprise Financial by 56.8% during the second quarter. TRUE Private Wealth Advisors now owns 207 shares of the financial services provider’s stock worth $31,000 after buying an additional 75 shares during the last quarter. Bartlett & Co. LLC purchased a new position in shares of Ameriprise Financial during the first quarter worth approximately $25,000. Balentine LLC purchased a new position in shares of Ameriprise Financial during the first quarter worth approximately $25,000. CX Institutional raised its stake in shares of Ameriprise Financial by 274.3% during the first quarter. CX Institutional now owns 262 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 192 shares in the last quarter. Finally, Optimum Investment Advisors raised its stake in shares of Ameriprise Financial by 30.3% during the second quarter. Optimum Investment Advisors now owns 318 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 74 shares in the last quarter. Institutional investors and hedge funds own 82.87% of the company’s stock.
Several research analysts recently commented on the stock. ValuEngine downgraded shares of Ameriprise Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 7th. Zacks Investment Research raised shares of Ameriprise Financial from a “hold” rating to a “buy” rating and set a $139.00 target price on the stock in a research note on Tuesday, May 19th. Goldman Sachs Group upgraded shares of Ameriprise Financial from a “neutral” rating to a “buy” rating and lifted their price target for the company from $125.00 to $185.00 in a report on Thursday, June 25th. TheStreet upgraded shares of Ameriprise Financial from a “c+” rating to a “b-” rating in a report on Tuesday, June 9th. Finally, Morgan Stanley lifted their price target on shares of Ameriprise Financial from $150.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $167.90.
Shares of AMP stock traded up $1.59 during mid-day trading on Friday, reaching $153.63. 692,869 shares of the company’s stock traded hands, compared to its average volume of 666,014. Ameriprise Financial, Inc. has a 12 month low of $80.01 and a 12 month high of $180.85. The company has a market cap of $18.79 billion, a P/E ratio of 8.03 and a beta of 1.85. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.56. The company’s 50-day moving average price is $149.89 and its 200-day moving average price is $139.41.
Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, July 29th. The financial services provider reported $2.64 EPS for the quarter, missing the Zacks’ consensus estimate of $2.94 by ($0.30). Ameriprise Financial had a net margin of 20.32% and a return on equity of 34.99%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter last year, the firm posted $4.06 EPS. The business’s quarterly revenue was down 14.8% on a year-over-year basis. Equities analysts predict that Ameriprise Financial, Inc. will post 16.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Friday, August 7th. Ameriprise Financial’s payout ratio is 25.84%.
Ameriprise Financial Profile
Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through five segments: Advice & Wealth Management, Asset Management, Annuities, Protection, and Corporate & Other.
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