Korea Investment CORP Decreases Position in Ameriprise Financial Services, Inc. (NYSE:AMP)
Korea Investment CORP lowered its stake in Ameriprise Financial Services, Inc. (NYSE:AMP) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,470 shares of the financial services provider’s stock after selling 350 shares during the period. Korea Investment CORP owned approximately 0.05% of Ameriprise Financial Services worth $10,243,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Ameriprise Financial Services by 0.5% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 828 shares of the financial services provider’s stock worth $108,000 after buying an additional 4 shares in the last quarter. Dubuque Bank & Trust Co. boosted its stake in Ameriprise Financial Services by 2.4% in the first quarter. Dubuque Bank & Trust Co. now owns 954 shares of the financial services provider’s stock worth $124,000 after buying an additional 22 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in Ameriprise Financial Services during the first quarter worth approximately $124,000. State of Alaska Department of Revenue purchased a new stake in Ameriprise Financial Services during the first quarter worth approximately $125,000. Finally, Meeder Asset Management Inc. purchased a new position in Ameriprise Financial Services during the first quarter worth about $149,000. Institutional investors own 82.01% of the company’s stock.
Shares of Ameriprise Financial Services, Inc. (AMP) traded up 0.04% during trading on Friday, hitting $138.80. 1,793,810 shares of the stock were exchanged. The stock’s 50 day moving average price is $139.27 and its 200 day moving average price is $130.37. Ameriprise Financial Services, Inc. has a 52 week low of $86.25 and a 52 week high of $149.99. The firm has a market capitalization of $20.81 billion, a price-to-earnings ratio of 15.90 and a beta of 1.86.
Ameriprise Financial Services (NYSE:AMP) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $2.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.62 by $0.18. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.90 billion. Ameriprise Financial Services had a net margin of 11.81% and a return on equity of 26.54%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.23 earnings per share. On average, equities analysts predict that Ameriprise Financial Services, Inc. will post $11.30 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were issued a $0.83 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $3.32 annualized dividend and a yield of 2.39%. Ameriprise Financial Services’s dividend payout ratio (DPR) is presently 37.81%.
Ameriprise Financial Services declared that its Board of Directors has authorized a share repurchase plan on Monday, April 24th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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A number of equities analysts have recently commented on AMP shares. BidaskClub upgraded shares of Ameriprise Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Barclays PLC restated an “equal weight” rating and set a $130.00 price objective (up from $127.00) on shares of Ameriprise Financial Services in a research report on Tuesday, April 25th. Morgan Stanley raised their price objective on shares of Ameriprise Financial Services from $148.00 to $152.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 26th. Royal Bank Of Canada started coverage on shares of Ameriprise Financial Services in a research report on Thursday, June 29th. They set a “sector perform” rating and a $135.00 price objective for the company. Finally, Zacks Investment Research raised shares of Ameriprise Financial Services from a “hold” rating to a “buy” rating and set a $156.00 target price on the stock in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $146.98.
In other news, CEO William F. Truscott sold 19,768 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 70,693 shares in the company, valued at approximately $10,210,189.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Randy Kupper sold 2,987 shares of the stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $130.24, for a total value of $389,026.88. Following the transaction, the executive vice president now owns 30,969 shares in the company, valued at approximately $4,033,402.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,966 shares of company stock worth $26,868,153. 1.50% of the stock is owned by corporate insiders.
Ameriprise Financial Services Company Profile
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.
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