New Potomac Partners LLC Takes Position in Ameriprise Financial, Inc. (NYSE:AMP)

New Potomac Partners LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,725 shares of the financial services provider’s stock, valued at approximately $1,847,000. Ameriprise Financial accounts for about 1.9% of New Potomac Partners LLC’s investment portfolio, making the stock its 23rd biggest holding.

Other hedge funds have also recently made changes to their positions in the company. MV Capital Management Inc. boosted its stake in shares of Ameriprise Financial by 81.5% in the first quarter. MV Capital Management Inc. now owns 196 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 88 shares during the period. NEXT Financial Group Inc boosted its stake in shares of Ameriprise Financial by 46.6% in the second quarter. NEXT Financial Group Inc now owns 236 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 75 shares during the period. Farmers National Bank purchased a new position in shares of Ameriprise Financial in the first quarter valued at $31,000. Mcmillion Capital Management Inc. purchased a new position in shares of Ameriprise Financial in the second quarter valued at $36,000. Finally, Hanson McClain Inc. boosted its stake in shares of Ameriprise Financial by 232.0% in the first quarter. Hanson McClain Inc. now owns 249 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Institutional investors and hedge funds own 80.99% of the company’s stock.

NYSE AMP traded up $1.22 during trading hours on Tuesday, reaching $131.67. 505,816 shares of the company traded hands, compared to its average volume of 806,819. Ameriprise Financial, Inc. has a 12 month low of $95.69 and a 12 month high of $153.91. The company has a quick ratio of 0.81, a current ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $18.12 billion, a PE ratio of 8.81 and a beta of 1.80. The stock has a 50 day simple moving average of $147.22.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $4.06 EPS for the quarter, beating the Zacks’ consensus estimate of $4.00 by $0.06. Ameriprise Financial had a net margin of 15.03% and a return on equity of 37.73%. The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the firm posted $3.60 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year. Analysts forecast that Ameriprise Financial, Inc. will post 16.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be given a $0.97 dividend. The ex-dividend date is Friday, August 2nd. This represents a $3.88 dividend on an annualized basis and a dividend yield of 2.95%. Ameriprise Financial’s payout ratio is currently 25.97%.

In other news, EVP Randy Kupper sold 5,160 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $150.38, for a total value of $775,960.80. Following the transaction, the executive vice president now directly owns 23,656 shares in the company, valued at approximately $3,557,389.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.90% of the company’s stock.

Several brokerages have recently weighed in on AMP. Morgan Stanley upped their target price on shares of Ameriprise Financial from $173.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Zacks Investment Research upgraded shares of Ameriprise Financial from a “hold” rating to a “buy” rating and set a $164.00 price objective on the stock in a research note on Tuesday, April 30th. ValuEngine downgraded shares of Ameriprise Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Argus assumed coverage on shares of Ameriprise Financial in a research note on Friday, July 5th. They set a “buy” rating on the stock. Finally, Ameriprise Financial upgraded shares of Ameriprise Financial from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $145.00 to $202.00 in a research note on Monday, May 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $173.56.

Ameriprise Financial Profile

Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through five segments: Advice & Wealth Management, Asset Management, Annuities, Protection, and Corporate & Other.

Further Reading: Percentage Decliners

Institutional Ownership by Quarter for Ameriprise Financial (NYSE:AMP)

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