6,261 Ameriprise Financial, Inc. $AMP Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC trimmed its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 6.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,286 shares of the financial services provider’s stock after selling 6,261 shares during the period. Ameriprise Financial comprises about 0.9% of Sterling Capital Management LLC’s portfolio, making the stock its 21st biggest position. Sterling Capital Management LLC’s holdings in Ameriprise Financial were worth $43,467,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AMP. Twin Lakes Capital Management LLC purchased a new position in Ameriprise Financial in the second quarter worth approximately $25,000. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial during the 1st quarter worth approximately $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the 2nd quarter valued at approximately $28,000. Fiduciary Financial Advisors purchased a new stake in shares of Ameriprise Financial in the 2nd quarter valued at approximately $30,000. Finally, City State Bank increased its position in shares of Ameriprise Financial by 264.7% in the 3rd quarter. City State Bank now owns 62 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Down 0.7%

Shares of Ameriprise Financial stock traded down $3.54 during trading hours on Friday, hitting $493.29. The company had a trading volume of 643,909 shares, compared to its average volume of 538,977. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company’s 50-day moving average is $526.14 and its two-hundred day moving average is $499.19. The company has a market cap of $44.35 billion, a P/E ratio of 11.90, a price-to-earnings-growth ratio of 1.07 and a beta of 1.16. 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 quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the business earned $9.11 EPS. Ameriprise Financial’s revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts anticipate that Ameriprise Financial, Inc. will post 46.13 earnings per share for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the sale, the chief financial officer 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. Over the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AMP shares. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a report on Friday, August 21st. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. The Goldman Sachs Group dropped their target price on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Argus raised their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Evercore decreased their price target on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $557.00.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.