Drive Wealth Management LLC Decreases Position in Ameriprise Financial, Inc. $AMP

Drive Wealth Management LLC decreased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 868 shares of the financial services provider’s stock after selling 23 shares during the quarter. Drive Wealth Management LLC’s holdings in Ameriprise Financial were worth $464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter valued at $29,000. TD Capital Management LLC lifted its holdings in shares of Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 51 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Ameriprise Financial by 115.4% during the second 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. WPG Advisers LLC bought a new stake in Ameriprise Financial in the 1st quarter worth about $33,000. Finally, Hager Investment Management Services LLC raised its position in Ameriprise Financial by 114.3% in the 2nd quarter. Hager Investment Management Services LLC now owns 75 shares of the financial services provider’s stock worth $40,000 after buying an additional 40 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William F. Truscott sold 9,929 shares of the 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 sale, the chief executive officer directly owned 11,047 shares of the company’s stock, valued at $5,599,613.83. This represents a 47.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Heather J. Melloh sold 1,500 shares of the firm’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the sale, the executive vice president owned 2,562 shares in the company, valued at $1,312,615.08. The trade was a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

Ameriprise Financial Trading Up 0.5%

Shares of Ameriprise Financial stock opened at $472.65 on Tuesday. Ameriprise Financial, Inc. has a 1-year low of $396.14 and a 1-year high of $582.05. The company’s fifty day simple moving average is $497.02 and its 200-day simple moving average is $501.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $44.56 billion, a PE ratio of 14.71, a P/E/G ratio of 1.05 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping analysts’ consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.Ameriprise Financial’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $8.72 EPS. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is 19.91%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AMP. Evercore ISI dropped their price target on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a report on Thursday, October 9th. BMO Capital Markets initiated coverage on shares of Ameriprise Financial in a report on Friday, October 3rd. They issued a “market perform” rating and a $525.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ameriprise Financial in a research report on Wednesday, October 8th. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Finally, Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and a consensus price target of $539.50.

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.