Kingsview Wealth Management LLC Boosts Stock Position in Ameriprise Financial, Inc. $AMP

Kingsview Wealth Management LLC lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 573.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 19,524 shares of the financial services provider’s stock after purchasing an additional 16,625 shares during the period. Kingsview Wealth Management LLC’s holdings in Ameriprise Financial were worth $9,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Holos Integrated Wealth LLC purchased a new stake in Ameriprise Financial during the 4th quarter worth about $30,000. Redmont Wealth Advisors LLC bought a new position in Ameriprise Financial in the 3rd quarter worth about $32,000. Ares Financial Consulting LLC purchased a new position in Ameriprise Financial during the 4th quarter valued at about $32,000. WFA of San Diego LLC purchased a new position in Ameriprise Financial during the 2nd quarter valued at about $36,000. Finally, Activest Wealth Management increased its position in shares of Ameriprise Financial by 777.8% during the fourth quarter. Activest Wealth Management now owns 79 shares of the financial services provider’s stock valued at $39,000 after buying an additional 70 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

Shares of AMP opened at $439.68 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $550.18. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The company has a market cap of $39.53 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 1.05 and a beta of 1.20. The stock has a 50-day moving average price of $455.01 and a 200-day moving average price of $473.14.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the business earned $9.50 earnings per share. Ameriprise Financial’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 42.63 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. Ameriprise Financial’s payout ratio is currently 16.91%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AMP shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $605.00 price target (up from $580.00) on shares of Ameriprise Financial in a report on Monday, February 2nd. Weiss Ratings lowered shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Morgan Stanley increased their target price on shares of Ameriprise Financial from $452.00 to $467.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Finally, BMO Capital Markets boosted their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $543.22.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the sale, the director directly owned 6,300 shares of the company’s stock, valued at approximately $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.