Maltese Capital Management LLC Takes $3.27 Million Position in Ameriprise Financial, Inc. (AMP)
Maltese Capital Management LLC bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 19,300 shares of the financial services provider’s stock, valued at approximately $3,271,000.
A number of other institutional investors and hedge funds have also modified their holdings of AMP. IHT Wealth Management LLC raised its stake in Ameriprise Financial by 284.0% during the 2nd quarter. IHT Wealth Management LLC now owns 311 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 230 shares during the period. Wesbanco Bank Inc. bought a new stake in Ameriprise Financial during the 3rd quarter valued at approximately $200,000. Shelton Capital Management purchased a new position in Ameriprise Financial during the 3rd quarter valued at approximately $203,000. Wellington Shields Capital Management LLC purchased a new position in Ameriprise Financial during the 3rd quarter valued at approximately $211,000. Finally, Lyell Wealth Management LP purchased a new position in Ameriprise Financial during the 3rd quarter valued at approximately $212,000. 80.68% of the stock is currently owned by institutional investors.
In related news, insider David Kent Stewart sold 603 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $160.72, for a total transaction of $96,914.16. Following the completion of the sale, the insider now directly owns 20,081 shares of the company’s stock, valued at approximately $3,227,418.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William F. Truscott sold 31,379 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $173.64, for a total value of $5,448,649.56. Following the sale, the chief executive officer now directly owns 67,058 shares of the company’s stock, valued at $11,643,951.12. The disclosure for this sale can be found here. Insiders have sold a total of 49,628 shares of company stock valued at $8,570,993 over the last three months. 1.50% of the stock is owned by corporate insiders.
Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $1.18 EPS for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($1.90). The company had revenue of $3.15 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Ameriprise Financial had a return on equity of 31.03% and a net margin of 12.31%. Ameriprise Financial’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.46 EPS. research analysts forecast that Ameriprise Financial, Inc. will post 14.43 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Friday, February 16th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Thursday, February 15th. Ameriprise Financial’s dividend payout ratio is currently 35.17%.
AMP has been the subject of several research analyst reports. ValuEngine cut Ameriprise Financial from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research upgraded Ameriprise Financial from a “hold” rating to a “buy” rating and set a $195.00 price target for the company in a report on Wednesday, January 10th. Royal Bank of Canada set a $168.00 price target on Ameriprise Financial and gave the company a “hold” rating in a report on Saturday, December 16th. SunTrust Banks raised their price target on Ameriprise Financial from $140.00 to $165.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Finally, Morgan Stanley raised their price target on Ameriprise Financial from $187.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $164.98.
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Ameriprise Financial Company Profile
Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.
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