Retirement Systems of Alabama cut its stake in AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP) by 0.7% during the second quarter, Holdings Channel reports. The institutional investor owned 73,917 shares of the financial services provider’s stock after selling 553 shares during the period. Retirement Systems of Alabama’s holdings in AMERIPRISE FINANCIAL SERVICES, INC. were worth $9,409,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Candriam Luxembourg S.C.A. raised its position in shares of AMERIPRISE FINANCIAL SERVICES, INC. by 1.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 100,543 shares of the financial services provider’s stock worth $13,039,000 after buying an additional 1,712 shares during the last quarter. Stewart & Patten Co. LLC bought a new position in shares of AMERIPRISE FINANCIAL SERVICES, INC. during the first quarter worth approximately $486,000. State of Alaska Department of Revenue bought a new position in shares of AMERIPRISE FINANCIAL SERVICES, INC. during the first quarter worth approximately $125,000. Boston Advisors LLC raised its position in shares of AMERIPRISE FINANCIAL SERVICES, INC. by 5,188.7% in the first quarter. Boston Advisors LLC now owns 122,750 shares of the financial services provider’s stock worth $15,918,000 after buying an additional 120,429 shares during the last quarter. Finally, DnB Asset Management AS raised its position in shares of AMERIPRISE FINANCIAL SERVICES, INC. by 17.6% in the first quarter. DnB Asset Management AS now owns 18,684 shares of the financial services provider’s stock worth $2,423,000 after buying an additional 2,800 shares during the last quarter. Institutional investors and hedge funds own 81.72% of the company’s stock.

AMERIPRISE FINANCIAL SERVICES, INC. (NYSE AMP) opened at 143.36 on Friday. AMERIPRISE FINANCIAL SERVICES, INC. has a 12-month low of $86.25 and a 12-month high of $149.99. The company has a market cap of $21.50 billion, a price-to-earnings ratio of 16.42 and a beta of 1.86. The company’s 50 day moving average is $137.07 and its 200 day moving average is $129.38.

AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.18. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. AMERIPRISE FINANCIAL SERVICES, INC. had a net margin of 11.81% and a return on equity of 26.54%. AMERIPRISE FINANCIAL SERVICES, INC.’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.23 earnings per share. Analysts forecast that AMERIPRISE FINANCIAL SERVICES, INC. will post $11.30 earnings per share for the current fiscal year.

AMERIPRISE FINANCIAL SERVICES, INC. declared that its board has authorized a share buyback plan on Monday, April 24th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Thursday, August 3rd. AMERIPRISE FINANCIAL SERVICES, INC.’s payout ratio is 37.81%.

COPYRIGHT VIOLATION NOTICE: This piece was posted by Watch List News and is owned by of Watch List News. If you are reading this piece on another website, it was stolen and republished in violation of United States & international copyright legislation. The legal version of this piece can be accessed at https://www.watchlistnews.com/ameriprise-financial-services-inc-nyseamp-stake-cut-by-retirement-systems-of-alabama/1477092.html.

AMP has been the topic of a number of research analyst reports. BidaskClub raised shares of AMERIPRISE FINANCIAL SERVICES, INC. from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Citigroup Inc. set a $166.00 price target on shares of AMERIPRISE FINANCIAL SERVICES, INC. and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised shares of AMERIPRISE FINANCIAL SERVICES, INC. from a “hold” rating to a “buy” rating and set a $156.00 price target on the stock in a report on Thursday, July 27th. Barclays PLC increased their price target on shares of AMERIPRISE FINANCIAL SERVICES, INC. from $130.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $127.00 price target (up previously from $124.00) on shares of AMERIPRISE FINANCIAL SERVICES, INC. in a report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $146.98.

In related news, Chairman James M. Cracchiolo sold 13,418 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $146.25, for a total transaction of $1,962,382.50. Following the sale, the chairman now owns 283,891 shares of the company’s stock, valued at $41,519,058.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO William F. Truscott sold 19,768 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $144.43, for a total transaction of $2,855,092.24. Following the sale, the chief executive officer now directly owns 70,693 shares in the company, valued at approximately $10,210,189.99. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 144,891 shares of company stock worth $20,931,867. 1.50% of the stock is owned by insiders.

AMERIPRISE FINANCIAL SERVICES, INC. Company Profile

Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP).

Institutional Ownership by Quarter for AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP)

Receive News & Ratings for AMERIPRISE FINANCIAL SERVICES INC. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AMERIPRISE FINANCIAL SERVICES INC. and related companies with Analyst Ratings Network's FREE daily email newsletter.