Kornitzer Capital Management Inc. KS Purchases Shares of 11,535 Ameriprise Financial, Inc. $AMP

Kornitzer Capital Management Inc. KS purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, HoldingsChannel reports. The institutional investor purchased 11,535 shares of the financial services provider’s stock, valued at approximately $5,667,000.

Other hedge funds have also modified their holdings of the company. Whipplewood Advisors LLC lifted its stake in Ameriprise Financial by 71.0% in the 2nd quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 22 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Ameriprise Financial by 115.4% in the second quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 30 shares in the last quarter. Winnow Wealth LLC bought a new stake in shares of Ameriprise Financial in the second quarter worth $32,000. Heartwood Wealth Advisors LLC acquired a new position in Ameriprise Financial during the third quarter worth $32,000. Finally, WFA of San Diego LLC bought a new position in Ameriprise Financial in the second quarter valued at $36,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Trading Down 0.3%

Shares of Ameriprise Financial stock opened at $498.88 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.68 and a quick ratio of 0.68. The business has a fifty day simple moving average of $487.02 and a two-hundred day simple moving average of $492.03. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The company has a market capitalization of $46.35 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.29 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $9.92 earnings per share for the quarter, beating the consensus estimate of $9.76 by $0.16. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.51 billion. Ameriprise Financial had a net margin of 20.12% and a return on equity of 64.97%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $9.02 earnings per share. Research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 10th were given a dividend of $1.60 per share. The ex-dividend date was Monday, November 10th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is 17.55%.

Insider Activity

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $450.94, for a total value of $676,410.00. Following the transaction, the director owned 7,500 shares of the company’s stock, valued at approximately $3,382,050. This represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AMP shares. Argus cut their price target on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. BMO Capital Markets initiated coverage on Ameriprise Financial in a report on Friday, October 3rd. They set a “market perform” rating and a $525.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Ameriprise Financial in a research report on Monday, December 29th. Royal Bank Of Canada lowered their price target on Ameriprise Financial from $601.00 to $550.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Finally, Morgan Stanley increased their price objective on Ameriprise Financial from $484.00 to $485.00 and gave the company an “underweight” rating in a report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $528.75.

About Ameriprise Financial

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.