Aries Wealth Management Trims Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Aries Wealth Management lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 21.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,082 shares of the financial services provider’s stock after selling 300 shares during the quarter. Aries Wealth Management’s holdings in Ameriprise Financial were worth $576,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Wingate Wealth Advisors Inc. bought a new stake in shares of Ameriprise Financial during the 4th quarter worth approximately $30,000. Oakworth Capital Inc. purchased a new stake in Ameriprise Financial in the third quarter worth $31,000. Sound Income Strategies LLC bought a new stake in shares of Ameriprise Financial during the fourth quarter worth $36,000. Golden State Wealth Management LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at $38,000. Finally, Albion Financial Group UT purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at $46,000. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other Ameriprise Financial news, CEO William F. Truscott sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total value of $3,241,740.00. Following the completion of the sale, the chief executive officer now directly owns 14,023 shares in the company, valued at $7,576,486.67. This trade represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by company insiders.

Ameriprise Financial Stock Up 2.6 %

Shares of NYSE AMP opened at $540.66 on Friday. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The stock’s fifty day simple moving average is $541.99 and its two-hundred day simple moving average is $504.16. The stock has a market capitalization of $52.45 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.18 and a beta of 1.36. The company has a current ratio of 0.59, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. As a group, analysts expect that Ameriprise Financial, Inc. will post 38.55 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, February 10th. Ameriprise Financial’s payout ratio is currently 17.91%.

Wall Street Analyst Weigh In

AMP has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research note on Friday, January 31st. UBS Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $510.44.

Ameriprise Financial Company Profile

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.