Canal Capital Management LLC Purchases 66 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Canal Capital Management LLC lifted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 7.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 916 shares of the financial services provider’s stock after acquiring an additional 66 shares during the period. Canal Capital Management LLC’s holdings in Ameriprise Financial were worth $430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Ameriprise Financial by 11.4% in the 4th quarter. Wellington Management Group LLP now owns 6,158 shares of the financial services provider’s stock worth $2,339,000 after buying an additional 630 shares during the period. Los Angeles Capital Management LLC grew its holdings in Ameriprise Financial by 10.6% in the first quarter. Los Angeles Capital Management LLC now owns 702 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 67 shares during the period. Sound Income Strategies LLC bought a new position in shares of Ameriprise Financial during the first quarter valued at approximately $32,000. OneAscent Wealth Management LLC bought a new position in shares of Ameriprise Financial during the first quarter valued at approximately $227,000. Finally, Independence Bank of Kentucky lifted its holdings in shares of Ameriprise Financial by 56.3% during the first quarter. Independence Bank of Kentucky now owns 555 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 200 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP William Davies sold 8,700 shares of the company’s stock in a transaction 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 sale, the vice president now owns 13,199 shares in the company, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on AMP. The Goldman Sachs Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $485.00 to $476.00 in a research report on Thursday, September 26th. Royal Bank of Canada increased their target price on Ameriprise Financial from $500.00 to $535.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. Morgan Stanley lifted their price target on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Jefferies Financial Group increased their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, UBS Group raised their price objective on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $480.44.

Ameriprise Financial Stock Performance

Shares of NYSE AMP opened at $504.21 on Friday. The firm’s 50-day moving average price is $464.19 and its 200-day moving average price is $439.06. Ameriprise Financial, Inc. has a 52-week low of $306.63 and a 52-week high of $524.89. The company has a market cap of $50.08 billion, a PE ratio of 17.13, a PEG ratio of 0.81 and a beta of 1.35. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.19. The company had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company posted $7.44 earnings per share. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 34.92 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be paid a $1.48 dividend. The ex-dividend date is Monday, November 4th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.17%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 20.15%.

Ameriprise Financial 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.