Novare Capital Management LLC Sells 1,561 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Novare Capital Management LLC cut its position in Ameriprise Financial, Inc. (NYSE:AMP) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,798 shares of the financial services provider’s stock after selling 1,561 shares during the quarter. Ameriprise Financial comprises about 1.2% of Novare Capital Management LLC’s holdings, making the stock its 21st largest position. Novare Capital Management LLC’s holdings in Ameriprise Financial were worth $14,268,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Oakworth Capital Inc. purchased a new position in Ameriprise Financial in the 3rd quarter valued at approximately $31,000. Country Trust Bank lifted its position in shares of Ameriprise Financial by 213.6% during the third quarter. Country Trust Bank now owns 69 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 47 shares in the last quarter. Sound Income Strategies LLC bought a new position in shares of Ameriprise Financial in the fourth quarter worth $36,000. Peterson Financial Group Inc. purchased a new position in shares of Ameriprise Financial in the third quarter valued at $45,000. Finally, Albion Financial Group UT bought a new stake in shares of Ameriprise Financial during the 4th quarter valued at $46,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $563.57 on Friday. Ameriprise Financial, Inc. has a fifty-two week low of $370.12 and a fifty-two week high of $577.00. 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 stock has a market cap of $54.67 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 0.85 and a beta of 1.36. The firm’s fifty day moving average price is $548.23 and its 200-day moving average price is $493.41.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AMP shares. Royal Bank of Canada lifted their target price on Ameriprise Financial from $535.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, October 25th. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $580.00 to $570.00 in a research note on Monday, January 6th. Morgan Stanley increased their target price on shares of Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Ameriprise Financial from $565.00 to $560.00 and set a “market perform” rating for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial presently has an average rating of “Hold” and a consensus target price of $494.89.

Insider Buying and Selling

In related news, insider Joseph Edward Sweeney sold 10,735 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $549.68, for a total transaction of $5,900,814.80. Following the completion of the sale, the insider now directly owns 5,811 shares in the company, valued at $3,194,190.48. This represents a 64.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Walter Stanley Berman sold 8,655 shares of Ameriprise Financial stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 6,409 shares in the company, valued at $3,615,701.44. This trade represents a 57.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,715 shares of company stock worth $11,983,436 in the last quarter. 0.73% of the stock is owned by insiders.

About Ameriprise Financial

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.