Morse Asset Management Inc Buys New Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Morse Asset Management Inc acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,000 shares of the financial services provider's stock, valued at approximately $940,000.

Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Ameriprise Financial by 23.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,529 shares of the financial services provider's stock worth $12,615,000 after buying an additional 5,692 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Ameriprise Financial in the 2nd quarter valued at approximately $205,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Ameriprise Financial in the 2nd quarter valued at $256,000. Assenagon Asset Management S.A. raised its holdings in shares of Ameriprise Financial by 390.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 57,060 shares of the financial services provider's stock valued at $24,375,000 after purchasing an additional 45,420 shares in the last quarter. Finally, Portside Wealth Group LLC lifted its holdings in Ameriprise Financial by 3.7% during the 2nd quarter. Portside Wealth Group LLC now owns 697 shares of the financial services provider's stock worth $298,000 after buying an additional 25 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on AMP. UBS Group increased their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $475.00 to $510.00 and gave the company a "market perform" rating in a report on Tuesday, October 29th. The Goldman Sachs Group downgraded Ameriprise Financial from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $485.00 to $476.00 in a report on Thursday, September 26th. Royal Bank of Canada lifted their price objective on Ameriprise Financial from $535.00 to $550.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Finally, Morgan Stanley increased their price target 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. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $487.67.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider Gumer Alvero sold 2,325 shares of Ameriprise Financial stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $516.05, for a total value of $1,199,816.25. Following the transaction, the insider now owns 4,669 shares in the company, valued at $2,409,437.45. This trade represents a 33.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Walter Stanley Berman sold 8,655 shares of the company's stock in a transaction on Monday, November 11th. The stock was 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 approximately $3,615,701.44. The trade was a 57.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,715 shares of company stock worth $11,983,436. Insiders own 0.73% of the company's stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock traded down $3.13 during mid-day trading on Thursday, hitting $547.67. 507,992 shares of the company were exchanged, compared to its average volume of 471,235. The business's 50 day simple moving average is $535.79 and its two-hundred day simple moving average is $469.86. Ameriprise Financial, Inc. has a 12-month low of $368.41 and a 12-month high of $577.00. The company has a market capitalization of $53.13 billion, a P/E ratio of 21.02, a PEG ratio of 0.98 and a beta of 1.34. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.65 and a quick ratio of 0.65.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Monday, November 4th were given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date was Monday, November 4th. Ameriprise Financial's dividend payout ratio is presently 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.