Summit Financial LLC Sells 1,233 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Summit Financial LLC decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 19.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,043 shares of the financial services provider’s stock after selling 1,233 shares during the period. Summit Financial LLC’s holdings in Ameriprise Financial were worth $2,685,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. TCTC Holdings LLC acquired a new position in Ameriprise Financial during the 4th quarter worth about $26,000. Whipplewood Advisors LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter worth approximately $28,000. Rialto Wealth Management LLC bought a new stake in Ameriprise Financial in the fourth quarter valued at approximately $28,000. Wingate Wealth Advisors Inc. bought a new stake in Ameriprise Financial in the fourth quarter valued at approximately $30,000. Finally, Sound Income Strategies LLC acquired a new stake in Ameriprise Financial during the 4th quarter valued at approximately $36,000. Institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMP. Morgan Stanley upped their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. UBS Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a research report on Monday, February 3rd. Piper Sandler lifted their target price on Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a report on Friday, January 31st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $625.00 price target on shares of Ameriprise Financial in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Ameriprise Financial presently has a consensus rating of “Hold” and a consensus target price of $514.89.

Ameriprise Financial Price Performance

Shares of AMP opened at $484.54 on Tuesday. The stock has a market cap of $46.57 billion, a P/E ratio of 14.66, a P/E/G ratio of 1.15 and a beta of 1.33. The business’s fifty day moving average is $523.21 and its 200 day moving average is $524.01. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 10th were paid a dividend of $1.48 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.92 dividend on an annualized basis and a yield of 1.22%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 17.91%.

Insiders Place Their Bets

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of Ameriprise Financial stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $5,231,200. The trade was a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William F. Truscott sold 6,000 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the sale, the chief executive officer now owns 14,023 shares of the company’s stock, valued at approximately $7,576,486.67. This represents a 29.97 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,636 shares of company stock valued at $6,263,989. Corporate insiders own 0.73% of the company’s stock.

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.