Sovran Advisors LLC Buys Shares of 4,891 Ameriprise Financial, Inc. (NYSE:AMP)

Sovran Advisors LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,891 shares of the financial services provider’s stock, valued at approximately $2,576,000.

Several other hedge funds also recently modified their holdings of AMP. Wingate Wealth Advisors Inc. bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $30,000. Oakworth Capital Inc. acquired a new stake in Ameriprise Financial during the third quarter worth $31,000. Sound Income Strategies LLC bought a new stake in Ameriprise Financial in the 4th quarter valued at $36,000. Golden State Wealth Management LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $38,000. Finally, Albion Financial Group UT bought a new position in shares of Ameriprise Financial during the 4th quarter worth about $46,000. 83.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMP. Piper Sandler raised their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research note on Friday, January 31st. Morgan Stanley raised their target price on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. UBS Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the company from $580.00 to $570.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $510.44.

Insider Activity at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total value of $3,241,740.00. Following the transaction, the chief executive officer now directly owns 14,023 shares in the company, valued at $7,576,486.67. This represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.73% of the stock is owned by company insiders.

Ameriprise Financial Stock Down 1.7 %

Shares of NYSE AMP opened at $529.25 on Tuesday. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The firm’s 50-day simple moving average is $544.14 and its 200 day simple moving average is $502.75. The company has a quick ratio of 0.65, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a market cap of $51.34 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.18 and a beta of 1.36.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, beating the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.55 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, February 10th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 17.91%.

Ameriprise Financial 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.