Comerica Bank cut its stake in shares of Ameriprise Financial Services, Inc. (NYSE:AMP) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,403 shares of the financial services provider’s stock after selling 850 shares during the period. Comerica Bank owned about 0.05% of Ameriprise Financial Services worth $10,785,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Creative Planning raised its position in Ameriprise Financial Services by 6.1% in the first quarter. Creative Planning now owns 5,991 shares of the financial services provider’s stock valued at $777,000 after buying an additional 346 shares in the last quarter. Reliance Trust Co. of Delaware raised its position in Ameriprise Financial Services by 74.5% in the first quarter. Reliance Trust Co. of Delaware now owns 5,060 shares of the financial services provider’s stock valued at $656,000 after buying an additional 2,160 shares in the last quarter. DnB Asset Management AS raised its position in Ameriprise Financial Services by 17.6% in the first quarter. DnB Asset Management AS now owns 18,684 shares of the financial services provider’s stock valued at $2,423,000 after buying an additional 2,800 shares in the last quarter. Boston Advisors LLC raised its position in Ameriprise Financial Services by 5,188.7% in the first quarter. Boston Advisors LLC now owns 122,750 shares of the financial services provider’s stock valued at $15,918,000 after buying an additional 120,429 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in Ameriprise Financial Services during the first quarter valued at $125,000. 82.01% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Services, Inc. (NYSE:AMP) opened at 138.74 on Friday. The company’s 50-day moving average price is $138.96 and its 200 day moving average price is $130.19. The firm has a market capitalization of $20.80 billion, a price-to-earnings ratio of 15.89 and a beta of 1.86. Ameriprise Financial Services, Inc. has a 52-week low of $86.25 and a 52-week high of $149.99.

Ameriprise Financial Services (NYSE:AMP) last released its earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.18. Ameriprise Financial Services had a return on equity of 26.54% and a net margin of 11.81%. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same period in the prior year, the company earned $2.23 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts predict that Ameriprise Financial Services, Inc. will post $11.30 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, August 3rd. Ameriprise Financial Services’s payout ratio is presently 37.81%.

Ameriprise Financial Services declared that its Board of Directors has initiated a stock repurchase program on Monday, April 24th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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Several equities analysts have recently weighed in on AMP shares. Deutsche Bank AG reaffirmed a “hold” rating and issued a $140.00 price objective (up from $137.00) on shares of Ameriprise Financial Services in a research note on Thursday, April 20th. Barclays PLC reaffirmed an “equal weight” rating and issued a $130.00 price objective (up from $127.00) on shares of Ameriprise Financial Services in a research note on Tuesday, April 25th. Zacks Investment Research lowered Ameriprise Financial Services from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $127.00 price objective (up from $124.00) on shares of Ameriprise Financial Services in a research note on Wednesday, April 26th. Finally, BidaskClub raised Ameriprise Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $146.98.

In other Ameriprise Financial Services news, CEO William F. Truscott sold 19,768 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $144.43, for a total transaction of $2,855,092.24. Following the completion of the sale, the chief executive officer now directly owns 70,693 shares in the company, valued at $10,210,189.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman James M. Cracchiolo sold 39,450 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $144.50, for a total value of $5,700,525.00. Following the sale, the chairman now owns 260,887 shares of the company’s stock, valued at $37,698,171.50. The disclosure for this sale can be found here. Insiders have sold 185,966 shares of company stock valued at $26,868,153 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

About Ameriprise Financial Services

Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.

Institutional Ownership by Quarter for Ameriprise Financial Services (NYSE:AMP)

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