Summit Financial LLC Trims Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Summit Financial LLC reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,381 shares of the financial services provider’s stock after selling 121 shares during the quarter. Summit Financial LLC’s holdings in Ameriprise Financial were worth $1,482,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of AMP. Norges Bank purchased a new position in Ameriprise Financial during the 4th quarter worth $514,539,000. First Trust Advisors LP increased its holdings in shares of Ameriprise Financial by 1,001.2% in the 4th quarter. First Trust Advisors LP now owns 564,110 shares of the financial services provider’s stock valued at $214,266,000 after acquiring an additional 512,884 shares during the period. TD Asset Management Inc increased its holdings in shares of Ameriprise Financial by 151.5% in the 4th quarter. TD Asset Management Inc now owns 595,644 shares of the financial services provider’s stock valued at $226,243,000 after acquiring an additional 358,780 shares during the period. Epoch Investment Partners Inc. increased its holdings in shares of Ameriprise Financial by 104.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 382,232 shares of the financial services provider’s stock valued at $145,183,000 after acquiring an additional 195,475 shares during the period. Finally, Barclays PLC increased its holdings in shares of Ameriprise Financial by 63.9% in the 3rd quarter. Barclays PLC now owns 350,391 shares of the financial services provider’s stock valued at $115,517,000 after acquiring an additional 136,621 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMP has been the topic of a number of analyst reports. Evercore ISI lifted their price target on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Morgan Stanley raised their price objective on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group raised their price objective on Ameriprise Financial from $437.00 to $488.00 and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Finally, Royal Bank of Canada lifted their price target on Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $450.88.

Insider Activity at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 4,440 shares of Ameriprise Financial stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $407.92, for a total value of $1,811,164.80. Following the completion of the transaction, the executive vice president now owns 3,787 shares in the company, valued at approximately $1,544,793.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Ameriprise Financial news, SVP Dawn M. Brockman sold 224 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total transaction of $97,245.12. Following the completion of the sale, the senior vice president now directly owns 1,288 shares in the company, valued at approximately $559,159.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gerard P. Smyth sold 4,440 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $407.92, for a total value of $1,811,164.80. Following the sale, the executive vice president now owns 3,787 shares of the company’s stock, valued at $1,544,793.04. The disclosure for this sale can be found here. Insiders sold a total of 20,816 shares of company stock worth $8,626,989 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $3.84 on Thursday, hitting $434.15. The company had a trading volume of 359,625 shares, compared to its average volume of 483,969. The firm has a market cap of $43.12 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35. The company has a 50-day moving average price of $425.99 and a 200-day moving average price of $394.89. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a twelve month low of $291.87 and a twelve month high of $442.09.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.10 by $0.29. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.25 EPS. As a group, equities research analysts predict that Ameriprise Financial, Inc. will post 34.93 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Friday, May 3rd. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s payout ratio is currently 20.15%.

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.