Chesapeake Wealth Management Lowers Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Chesapeake Wealth Management lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 7.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 650 shares of the financial services provider’s stock after selling 54 shares during the period. Chesapeake Wealth Management’s holdings in Ameriprise Financial were worth $305,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. UniSuper Management Pty Ltd lifted its holdings in Ameriprise Financial by 259.4% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,540 shares of the financial services provider’s stock worth $1,552,000 after buying an additional 2,555 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Ameriprise Financial by 2.1% during the 1st quarter. Bessemer Group Inc. now owns 9,748 shares of the financial services provider’s stock worth $4,274,000 after buying an additional 199 shares in the last quarter. Lake Street Advisors Group LLC lifted its holdings in Ameriprise Financial by 61.5% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,506 shares of the financial services provider’s stock worth $1,099,000 after buying an additional 954 shares in the last quarter. National Bank of Canada FI lifted its holdings in Ameriprise Financial by 2.8% during the 1st quarter. National Bank of Canada FI now owns 44,630 shares of the financial services provider’s stock worth $19,337,000 after buying an additional 1,221 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Ameriprise Financial during the 1st quarter worth approximately $23,895,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. The Goldman Sachs Group lowered shares of 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 report on Thursday, September 26th. Royal Bank of Canada raised their price objective on shares of Ameriprise Financial from $535.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $475.00 to $510.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 29th. Finally, UBS Group lifted their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and a consensus price target of $487.67.

Insiders Place Their Bets

In other news, CFO Walter Stanley Berman sold 8,655 shares of Ameriprise Financial stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $564.16, for a total value of $4,882,804.80. Following the sale, the chief financial officer now owns 6,409 shares of the company’s stock, valued at $3,615,701.44. The trade was a 57.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP William Davies sold 8,700 shares of Ameriprise Financial stock in a transaction dated Friday, August 30th. The shares were 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 directly owns 13,199 shares in the company, valued at approximately $5,834,881.93. The trade was a 39.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,415 shares of company stock valued at $15,829,445. Insiders own 0.73% of the company’s stock.

Ameriprise Financial Trading Up 0.5 %

Shares of Ameriprise Financial stock opened at $565.15 on Tuesday. Ameriprise Financial, Inc. has a 1 year low of $343.98 and a 1 year high of $569.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market capitalization of $54.83 billion, a P/E ratio of 21.69, a PEG ratio of 0.98 and a beta of 1.34. The company’s fifty day moving average is $499.13 and its two-hundred day moving average is $454.27.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Monday, November 4th. Ameriprise Financial’s payout ratio is currently 22.73%.

Ameriprise Financial Company 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.