Independence Bank of Kentucky Grows Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Independence Bank of Kentucky grew its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 56.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 555 shares of the financial services provider’s stock after purchasing an additional 200 shares during the period. Independence Bank of Kentucky’s holdings in Ameriprise Financial were worth $243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMP. LPL Financial LLC increased its stake in shares of Ameriprise Financial by 13.3% during the third quarter. LPL Financial LLC now owns 39,255 shares of the financial services provider’s stock valued at $12,941,000 after buying an additional 4,593 shares during the period. Trexquant Investment LP increased its stake in shares of Ameriprise Financial by 247.4% during the third quarter. Trexquant Investment LP now owns 10,424 shares of the financial services provider’s stock valued at $3,437,000 after buying an additional 7,423 shares during the period. Bank of Nova Scotia increased its stake in shares of Ameriprise Financial by 23.5% during the third quarter. Bank of Nova Scotia now owns 12,432 shares of the financial services provider’s stock valued at $4,098,000 after buying an additional 2,362 shares during the period. Gotham Asset Management LLC increased its stake in shares of Ameriprise Financial by 12.3% during the third quarter. Gotham Asset Management LLC now owns 1,096 shares of the financial services provider’s stock valued at $361,000 after buying an additional 120 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Ameriprise Financial by 123.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 44,160 shares of the financial services provider’s stock valued at $14,559,000 after buying an additional 24,433 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock traded down $3.15 on Friday, reaching $427.19. 1,293,190 shares of the stock were exchanged, compared to its average volume of 421,545. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a twelve month low of $306.63 and a twelve month high of $446.32. The firm has a market capitalization of $42.43 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 0.73 and a beta of 1.36. The business has a 50 day moving average price of $428.66 and a two-hundred day moving average price of $410.32.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, topping analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter in the previous year, the company posted $7.25 earnings per share. The company’s revenue was up 10.8% compared to the same quarter last year. Analysts anticipate that Ameriprise Financial, Inc. will post 34.95 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a dividend of $1.48 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.39%. Ameriprise Financial’s payout ratio is 20.15%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AMP shares. Morgan Stanley raised their price target on Ameriprise Financial from $400.00 to $437.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday. Evercore ISI raised their price objective on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Finally, The Goldman Sachs Group raised their price objective on Ameriprise Financial from $437.00 to $488.00 and gave the company a “buy” rating in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and an average target price of $456.22.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of Ameriprise Financial stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $438.07, for a total transaction of $657,105.00. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $4,818,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

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.