Fifth Third Bancorp Trims Stock Holdings in Ameriprise Financial, Inc. $AMP

Fifth Third Bancorp lowered its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 6.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 31,821 shares of the financial services provider’s stock after selling 2,256 shares during the quarter. Fifth Third Bancorp’s holdings in Ameriprise Financial were worth $14,598,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. State Street Corp lifted its holdings in shares of Ameriprise Financial by 0.4% in the 3rd quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock worth $2,171,360,000 after acquiring an additional 18,879 shares during the last quarter. Norges Bank purchased a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $742,438,000. Boston Partners increased its holdings in Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock valued at $586,083,000 after purchasing an additional 13,172 shares during the last quarter. AQR Capital Management LLC increased its holdings in Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after purchasing an additional 496,319 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after purchasing an additional 19,731 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $570.06 on Friday. The company has a fifty day simple moving average of $507.03 and a two-hundred day simple moving average of $480.30. The company has a market cap of $51.25 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.11 earnings per share. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.12 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a dividend of $1.70 per share. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio is 16.40%.

Insider Buying and Selling

In other news, insider William Jerryl Williams sold 8,210 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,988 shares of company stock worth $16,316,497 in the last quarter. Company insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AMP. Morgan Stanley raised their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Zacks Research upgraded Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Finally, BMO Capital Markets lifted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.