Todays Report: Today, State Treasurer State of Michigan decides to keep it stake in Ameriprise Financial Services Inc. (AMP) to the level of $5,622,000

Today, State Treasurer State of Michigan decides to keep it stake in Ameriprise Financial Services Inc. (AMP) to the level of $5,622,000

State Treasurer State of Michigan lowered its stake in Ameriprise Financial Services Inc. (NYSE:AMP) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,348 shares of the company’s stock after selling 1,300 shares during the period. State Treasurer State of Michigan’s holdings in Ameriprise Financial Services were worth $5,622,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Euclid Advisors LLC purchased a new stake in Ameriprise Financial Services during the second quarter valued at about $103,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Ameriprise Financial Services during the second quarter valued at about $108,000. Tower Research Capital LLC TRC purchased a new stake in Ameriprise Financial Services during the second quarter valued at about $160,000. Bessemer Group Inc. increased its stake in Ameriprise Financial Services by 65.0% in the second quarter. Bessemer Group Inc. now owns 1,840 shares of the company’s stock valued at $166,000 after buying an additional 725 shares during the period. Finally, Armstrong Shaw Associates Inc. CT purchased a new stake in Ameriprise Financial Services during the third quarter valued at about $202,000. 79.37% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Ameriprise Financial Services Inc. (NYSE:AMP) traded up 0.68% during mid-day trading on Friday, reaching $114.46. 338,037 shares of the company traded hands. The stock has a market capitalization of $18.09 billion, a PE ratio of 15.52 and a beta of 1.67. Ameriprise Financial Services Inc. has a 52-week low of $76.00 and a 52-week high of $115.50. The stock’s 50 day moving average is $100.54 and its 200 day moving average is $98.04.

Ameriprise Financial Services (NYSE:AMP) last released its earnings results on Tuesday, October 25th. The company reported $2.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.42 by $0.13. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $2.86 billion. Ameriprise Financial Services had a net margin of 10.83% and a return on equity of 21.48%. Ameriprise Financial Services’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.35 earnings per share. On average, analysts anticipate that Ameriprise Financial Services Inc. will post $8.36 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.62%. The ex-dividend date was Thursday, November 3rd. Ameriprise Financial Services’s payout ratio is currently 40.76%.

Several brokerages have weighed in on AMP. Morgan Stanley reissued a “buy” rating and set a $120.00 price objective on shares of Ameriprise Financial Services in a report on Thursday, July 28th. Deutsche Bank AG raised their price objective on shares of Ameriprise Financial Services from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research raised shares of Ameriprise Financial Services from a “sell” rating to a “hold” rating in a report on Thursday, October 13th. Credit Suisse Group AG began coverage on shares of Ameriprise Financial Services in a report on Friday, October 7th. They set a “neutral” rating and a $116.00 price objective for the company. Finally, Oppenheimer Holdings Inc. lowered shares of Ameriprise Financial Services to an “underweight” rating in a report on Monday, October 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $111.33.

In other Ameriprise Financial Services news, EVP Randy Kupper sold 4,129 shares of the business’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $100.81, for a total value of $416,244.49. Following the sale, the executive vice president now owns 22,835 shares of the company’s stock, valued at approximately $2,301,996.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Carl Junek sold 4,683 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $100.30, for a total transaction of $469,704.90. Following the completion of the sale, the vice president now directly owns 37,766 shares in the company, valued at approximately $3,787,929.80. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

About Ameriprise Financial Services

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