Estabrook Capital Management Reduces Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Estabrook Capital Management lessened its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 18.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,035 shares of the financial services provider’s stock after selling 235 shares during the quarter. Estabrook Capital Management’s holdings in Ameriprise Financial were worth $442,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Ameriprise Financial by 43.8% in the second quarter. EverSource Wealth Advisors LLC now owns 998 shares of the financial services provider’s stock worth $430,000 after buying an additional 304 shares during the last quarter. Fidelis Capital Partners LLC raised its position in Ameriprise Financial by 5.4% in the second quarter. Fidelis Capital Partners LLC now owns 678 shares of the financial services provider’s stock worth $266,000 after acquiring an additional 35 shares during the period. Epoch Investment Partners Inc. boosted its stake in shares of Ameriprise Financial by 3.9% during the 2nd quarter. Epoch Investment Partners Inc. now owns 458,565 shares of the financial services provider’s stock worth $195,894,000 after acquiring an additional 17,312 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of Ameriprise Financial by 33.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,148 shares of the financial services provider’s stock valued at $2,626,000 after acquiring an additional 1,557 shares during the period. Finally, Frank Rimerman Advisors LLC purchased a new stake in shares of Ameriprise Financial in the 2nd quarter worth $732,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the transaction, the vice president now directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $460.61 on Friday. The firm has a market cap of $45.75 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 0.75 and a beta of 1.35. The firm has a fifty day moving average price of $430.15 and a 200 day moving average price of $428.59. Ameriprise Financial, Inc. has a fifty-two week low of $306.63 and a fifty-two week high of $465.82. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, beating the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the firm earned $7.44 EPS. The business’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.29%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Morgan Stanley lowered their target price on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research report on Monday, July 29th. Keefe, Bruyette & Woods cut their price objective on Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. UBS Group reduced their target price on shares of Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Piper Sandler lowered their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. Finally, Royal Bank of Canada upped their price target on shares of Ameriprise Financial from $487.00 to $500.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $464.33.

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.