Ameriprise Financial, Inc. $AMP Shares Sold by Keybank National Association OH

Keybank National Association OH trimmed its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,955 shares of the financial services provider’s stock after selling 1,649 shares during the period. Keybank National Association OH’s holdings in Ameriprise Financial were worth $20,657,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp boosted its position in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Ameriprise Financial by 980.8% in the third quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP bought a new position in Ameriprise Financial in the third quarter worth about $925,211,000. Finally, Douglas Lane & Associates LLC purchased a new stake in shares of Ameriprise Financial during the third quarter valued at about $575,767,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.1%

Shares of AMP opened at $520.55 on Thursday. The company has a market capitalization of $45.19 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.10 and a beta of 1.13. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The stock’s 50-day moving average price is $512.71 and its 200-day moving average price is $493.42. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.13.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.10 billion. During the same quarter in the prior year, the business posted $9.92 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.43 EPS for the current year.

Ameriprise Financial announced that its board has approved a share repurchase program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio is 15.30%.

Analysts Set New Price Targets

Several brokerages have recently commented on AMP. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Evercore dropped their target price on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. The Goldman Sachs Group cut their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Raymond James Financial increased their price target on shares of Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a report on Friday, August 21st. Finally, Bank of America lowered shares of Ameriprise Financial from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $570.00 to $445.00 in a research report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $557.00.

Ameriprise Financial Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products. The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis. Ameriprise serves clients primarily in the United States through its network of financial advisors.