Patton Fund Management Inc. Cuts Stock Holdings in Ameriprise Financial, Inc. $AMP

Patton Fund Management Inc. reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 87.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 525 shares of the financial services provider’s stock after selling 3,716 shares during the quarter. Patton Fund Management Inc.’s holdings in Ameriprise Financial were worth $258,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMP. HBK Sorce Advisory LLC increased its stake in Ameriprise Financial by 25.2% in the 3rd quarter. HBK Sorce Advisory LLC now owns 1,094 shares of the financial services provider’s stock worth $536,000 after purchasing an additional 220 shares during the period. OFI Invest Asset Management boosted its holdings in Ameriprise Financial by 15.4% in the third quarter. OFI Invest Asset Management now owns 247 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 33 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Ameriprise Financial by 110.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 702 shares of the financial services provider’s stock valued at $345,000 after purchasing an additional 368 shares in the last quarter. Brighton Jones LLC raised its position in shares of Ameriprise Financial by 7.5% in the 3rd quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider’s stock worth $956,000 after acquiring an additional 135 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its stake in shares of Ameriprise Financial by 3.6% in the 3rd quarter. CHICAGO TRUST Co NA now owns 4,576 shares of the financial services provider’s stock valued at $2,248,000 after purchasing an additional 159 shares during the period. Institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the 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 transaction, the director owned 7,500 shares in the company, valued at $3,382,050. This represents a 16.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AMP has been the subject of a number of research reports. BMO Capital Markets assumed coverage on Ameriprise Financial in a report on Friday, October 3rd. They issued a “market perform” rating and a $525.00 price objective for the company. Evercore ISI decreased their price target on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a research note on Monday. Keefe, Bruyette & Woods cut their price objective on shares of Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a report on Monday, November 3rd. Finally, Argus decreased their target price on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $533.33.

Ameriprise Financial Stock Up 0.5%

NYSE:AMP opened at $498.58 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $46.32 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.33 and a beta of 1.26. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $582.05. The firm has a 50-day simple moving average of $468.92 and a two-hundred day simple moving average of $496.13.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $9.92 EPS for the quarter, beating analysts’ consensus estimates of $9.76 by $0.16. The firm had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.51 billion. Ameriprise Financial had a net margin of 20.12% and a return on equity of 64.97%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.02 earnings per share. Analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

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.