Fort Point Capital Partners LLC Sells 1,605 Shares of Ameriprise Financial, Inc. $AMP

Fort Point Capital Partners LLC decreased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 50.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,601 shares of the financial services provider’s stock after selling 1,605 shares during the period. Fort Point Capital Partners LLC’s holdings in Ameriprise Financial were worth $787,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $693,736,000. JPMorgan Chase & Co. grew its holdings in Ameriprise Financial by 7.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock valued at $3,347,019,000 after purchasing an additional 446,080 shares during the last quarter. Man Group plc raised its position in Ameriprise Financial by 687.4% in the 3rd quarter. Man Group plc now owns 276,822 shares of the financial services provider’s stock worth $135,989,000 after purchasing an additional 241,665 shares during the period. Federated Hermes Inc. raised its position in Ameriprise Financial by 29.3% in the 3rd quarter. Federated Hermes Inc. now owns 966,163 shares of the financial services provider’s stock worth $474,628,000 after purchasing an additional 219,080 shares during the period. Finally, Close Asset Management Ltd lifted its stake in Ameriprise Financial by 78.2% in the third quarter. Close Asset Management Ltd now owns 463,149 shares of the financial services provider’s stock worth $227,652,000 after purchasing an additional 203,252 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Walter Stanley Berman sold 7,000 shares of Ameriprise Financial stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $544.22, for a total value of $3,809,540.00. Following the completion of the sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,052,529.98. The trade was a 55.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO William F. Truscott sold 5,000 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $532.08, for a total transaction of $2,660,400.00. Following the completion of the sale, the chief executive officer directly owned 12,149 shares of the company’s stock, valued at approximately $6,464,239.92. This trade represents a 29.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,658 shares of company stock worth $8,998,675. 0.57% of the stock is currently owned by company insiders.

Ameriprise Financial Price Performance

Shares of AMP stock opened at $442.03 on Monday. The company has a market capitalization of $40.30 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.03 and a beta of 1.27. The company’s 50-day simple moving average is $491.57 and its two-hundred day simple moving average is $484.72. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $550.18. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.68 and a quick ratio of 0.68.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, beating the consensus estimate of $10.33 by $0.50. The firm had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.54 earnings per share. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Monday, February 9th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $6.40 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s payout ratio is 17.60%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AMP shares. Piper Sandler upgraded Ameriprise Financial from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $434.00 to $530.00 in a research report on Friday, January 30th. Raymond James Financial set a $582.00 price target on Ameriprise Financial and gave the stock a “strong-buy” rating in a report on Wednesday, February 11th. Weiss Ratings restated a “buy (b-)” rating on shares of Ameriprise Financial in a report on Monday, December 29th. Morgan Stanley upped their price objective on Ameriprise Financial from $484.00 to $485.00 and gave the company an “underweight” rating in a research report on Monday, December 22nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $605.00 target price (up from $580.00) on shares of Ameriprise Financial in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $555.67.

Ameriprise Financial Company 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.