Great Lakes Retirement Inc. Increases Holdings in Ameriprise Financial, Inc. $AMP

Great Lakes Retirement Inc. raised its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,396 shares of the financial services provider’s stock after buying an additional 254 shares during the period. Great Lakes Retirement Inc.’s holdings in Ameriprise Financial were worth $3,948,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Whipplewood Advisors LLC raised its stake in Ameriprise Financial by 71.0% during the 2nd quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock valued at $28,000 after buying an additional 22 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Ameriprise Financial by 115.4% during the 2nd quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock valued at $30,000 after buying an additional 30 shares during the last quarter. TD Capital Management LLC raised its stake in Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock valued at $29,000 after buying an additional 51 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter valued at $29,000. Finally, WPG Advisers LLC purchased a new stake in Ameriprise Financial during the 1st quarter valued at $33,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares of the company’s stock, valued at approximately $5,599,613.83. This represents a 47.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Heather J. Melloh sold 1,500 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at $1,312,615.08. This trade represents a 36.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AMP shares. Evercore ISI cut their price objective on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a research report on Thursday, October 9th. William Blair downgraded shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Ameriprise Financial in a research report on Wednesday, October 8th. Raymond James Financial boosted their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a “strong-buy” rating in a research report on Friday, July 25th. Finally, BMO Capital Markets started coverage on shares of Ameriprise Financial in a research report on Friday, October 3rd. They set a “market perform” rating and a $525.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $539.50.

Ameriprise Financial Trading Down 0.3%

Shares of Ameriprise Financial stock opened at $452.91 on Friday. The company has a market capitalization of $42.70 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.07 and a beta of 1.26. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The company has a fifty day moving average of $490.69 and a 200 day moving average of $502.88. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, October 30th. The financial services provider reported $9.92 earnings per share for the quarter, topping the consensus estimate of $9.76 by $0.16. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.51 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. Ameriprise Financial’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $9.02 EPS. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 10th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $6.40 annualized dividend and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio is currently 17.55%.

About Ameriprise Financial

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.