HighTower Advisors LLC Sells 6,398 Shares of Ameriprise Financial, Inc. $AMP

HighTower Advisors LLC decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 15.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,719 shares of the financial services provider’s stock after selling 6,398 shares during the period. HighTower Advisors LLC’s holdings in Ameriprise Financial were worth $15,928,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMP. SouthState Bank Corp boosted its position in shares of Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares during the last quarter. Twin Lakes Capital Management LLC bought a new position in Ameriprise Financial during the 2nd quarter valued at about $25,000. Cassaday & Co Wealth Management LLC bought a new position in Ameriprise Financial during the 1st quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the 2nd quarter valued at about $28,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Ameriprise Financial during the 2nd quarter valued at about $30,000. 83.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMP. Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Zacks Research upgraded shares of Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $555.33.

Insider Activity

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $552.24 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $49.65 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.00 and a beta of 1.14. The firm’s 50 day moving average price is $541.93 and its 200-day moving average price is $486.75. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $9.11 earnings per share. Equities research analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. Ameriprise Financial’s dividend payout ratio is 16.40%.

Ameriprise Financial Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.