Scotia Capital Inc. increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 61.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 9,400 shares of the financial services provider’s stock after buying an additional 3,595 shares during the quarter. Scotia Capital Inc.’s holdings in Ameriprise Financial were worth $1,364,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Tortoise Investment Management LLC lifted its stake in Ameriprise Financial by 416.7% in the second quarter. Tortoise Investment Management LLC now owns 186 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 150 shares during the last quarter. Advantage Investment Management LLC acquired a new stake in Ameriprise Financial in the second quarter valued at approximately $29,000. Farmers National Bank acquired a new stake in Ameriprise Financial in the first quarter valued at approximately $31,000. Hanson McClain Inc. lifted its stake in Ameriprise Financial by 232.0% in the first quarter. Hanson McClain Inc. now owns 249 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 174 shares during the last quarter. Finally, Smith Asset Management Group LP acquired a new stake in Ameriprise Financial in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 82.80% of the company’s stock.
A number of research firms have issued reports on AMP. Citigroup reduced their target price on shares of Ameriprise Financial from $178.00 to $170.00 and set a “buy” rating for the company in a research note on Friday. Argus began coverage on shares of Ameriprise Financial in a research note on Friday, July 5th. They issued a “buy” rating for the company. Morgan Stanley reduced their target price on shares of Ameriprise Financial from $175.00 to $170.00 and set an “overweight” rating for the company in a research note on Tuesday, August 20th. ValuEngine cut shares of Ameriprise Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, UBS Group reduced their target price on shares of Ameriprise Financial from $178.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $174.88.
NYSE AMP traded up $1.05 during trading on Friday, reaching $147.43. The company’s stock had a trading volume of 1,068,363 shares, compared to its average volume of 992,408. Ameriprise Financial, Inc. has a 1-year low of $95.69 and a 1-year high of $153.91. The stock has a market capitalization of $19.16 billion, a PE ratio of 9.54 and a beta of 1.83. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $133.38 and a 200-day moving average price of $139.43.
Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $4.06 EPS for the quarter, beating the Zacks’ consensus estimate of $4.00 by $0.06. Ameriprise Financial had a net margin of 15.03% and a return on equity of 37.73%. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same quarter last year, the firm posted $3.60 earnings per share. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, analysts expect that Ameriprise Financial, Inc. will post 16.05 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date was Friday, August 2nd. Ameriprise Financial’s dividend payout ratio is 25.97%.
About Ameriprise Financial
Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through five segments: Advice & Wealth Management, Asset Management, Annuities, Protection, and Corporate & Other.
Featured Article: Why is the LIBOR significant?
Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP).
Receive News & Ratings for Ameriprise Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ameriprise Financial and related companies with MarketBeat.com's FREE daily email newsletter.