Sovran Advisors LLC Sells 3,861 Shares of Ameriprise Financial, Inc. $AMP

Sovran Advisors LLC lowered its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 68.9% in the second quarter, HoldingsChannel reports. The fund owned 1,746 shares of the financial services provider’s stock after selling 3,861 shares during the period. Sovran Advisors LLC’s holdings in Ameriprise Financial were worth $936,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in Ameriprise Financial by 1.9% in the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 83 shares during the period. Spire Wealth Management boosted its position in shares of Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock worth $692,000 after buying an additional 683 shares during the period. Ascent Group LLC bought a new stake in Ameriprise Financial during the first quarter worth about $371,000. Exchange Traded Concepts LLC raised its holdings in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 806 shares in the last quarter. Finally, Advisory Alpha LLC bought a new stake in Ameriprise Financial during the first quarter worth about $265,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Shares of AMP opened at $491.51 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a 50-day moving average of $511.65 and a 200-day moving average of $501.87. The company has a market cap of $46.33 billion, a PE ratio of 15.29, a P/E/G ratio of 1.03 and a beta of 1.27. Ameriprise Financial, Inc. has a one year low of $396.14 and a one year high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $8.72 EPS. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial’s payout ratio is presently 19.91%.

Insider Buying and Selling

In other news, CEO William F. Truscott sold 9,929 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer owned 11,047 shares in the company, valued at $5,599,613.83. The trade was a 47.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Heather J. Melloh sold 1,500 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the sale, the executive vice president directly owned 2,562 shares in the company, valued at $1,312,615.08. This trade represents a 36.93% decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on AMP shares. Morgan Stanley lowered Ameriprise Financial from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. William Blair lowered Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Piper Sandler increased their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Finally, Raymond James Financial increased their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $534.71.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.