11,535 Shares in Ameriprise Financial, Inc. $AMP Purchased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 11,535 shares of the financial services provider’s stock, valued at approximately $5,667,000.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank bought a new stake in Ameriprise Financial in the second quarter valued at $693,736,000. JPMorgan Chase & Co. grew its holdings in shares of Ameriprise Financial by 7.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock worth $3,347,019,000 after purchasing an additional 446,080 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Ameriprise Financial by 22.4% during the 2nd quarter. Federated Hermes Inc. now owns 747,083 shares of the financial services provider’s stock worth $398,741,000 after purchasing an additional 136,761 shares in the last quarter. Hsbc Holdings PLC boosted its position in Ameriprise Financial by 29.8% in the second quarter. Hsbc Holdings PLC now owns 491,058 shares of the financial services provider’s stock valued at $262,075,000 after buying an additional 112,784 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Ameriprise Financial by 0.9% in the second quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock valued at $6,635,471,000 after buying an additional 111,386 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AMP shares. Keefe, Bruyette & Woods cut their target price 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. Weiss Ratings restated a “buy (b-)” rating on shares of Ameriprise Financial in a research note on Monday, December 29th. Argus lowered their price target on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Royal Bank Of Canada lowered their price objective on Ameriprise Financial from $601.00 to $550.00 and set an “outperform” rating for the company in a research report on Monday, November 3rd. Finally, Evercore ISI dropped their target price on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $528.75.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $498.88 on Wednesday. The stock’s fifty day simple moving average is $487.02 and its 200 day simple moving average is $492.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $46.35 billion, a PE ratio of 13.68, a PEG ratio of 1.29 and a beta of 1.26. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, October 30th. The financial services provider reported $9.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.76 by $0.16. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.51 billion. Ameriprise Financial had a return on equity of 64.97% and a net margin of 20.12%.The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the company earned $9.02 earnings per share. On average, research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 10th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, November 10th. Ameriprise Financial’s dividend payout ratio (DPR) is 17.55%.

Insiders Place Their Bets

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $450.94, for a total value of $676,410.00. Following the completion of the transaction, the director owned 7,500 shares in the company, valued at $3,382,050. This represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.