Over the past week Ameriprise (AMP) has seen an increase in its insider selling as the company’s price continues to exceed its previous highs. It was first noted on Sept. 11 when Chairman and CEO James Cracchiolo made a sell of over 54,000 shares and not long after CFO Walter Berman cut nearly 30,000 shares from his holdings.
Cracchiolo sold a total of 54,008 shares at an average price of $90.74 per share. This brought in a total of $4,900,686 for the CEO. Since his sell the price per share has increased an additional 3.55%. Cracchiolo now holds on to a total of 395,557 shares of the company’s stock.
On Sept. 12, Walter Berman sold a total of 29,925 shares at $90.69 per share. This raked in $2,713,898 for the CFO. Since Berman’s sell the price per share has increased an additional 3.61%. Berman now holds on to at least 50,741 shares of company stock.
Some other insiders selling:
· John Woerner, President and CSO, sold 3,164 shares at $90.73. Now holds 19,176 shares.
· Kim Sharan, President and CMO, sold 3,546 shares at $90.71. Now holds 29,742 shares.
· Charles Maglaque, President and COO, sold 2,541 shares at $90.66. Now holds 17,617 shares.
This group of insider selling comes as Ameriprise’s price continues to excel past its previous highs. The company is currently trading at a new-high price of $93.96 per share.
In an interview with Barrons, a spokesperson for Ameriprise declined to comment on any specific sale, but he did note that the transactions were for diversification person. He also added that each executive owns shares well in excess of the company’s ownership guidelines following the sales.
Ameriprise is engaged in providing financial planning, products and services that are designed to offer solutions for its clients' asset accumulation, income and protection needs. The company delivers financial solutions to its clients through a tailored approach focus involving financial planning and advice that is responsive to its clients’ needs.
Ameriprise’s historical revenue and net income:
The company posted its second quarter financials which reported:
· Net income per diluted share of $1.54, and $322 million total.
· Operating earnings per diluted share of $1.69, and $352 million total.
· Net revenues grew 9% to $2.7 billion.
· Operating expenses grew 6% to $2.3 billion.
The GuruFocus analysis on Ameriprise reports that the company’s price is at a 10-year high as are its P/B and P/S ratios.
The Peter Lynch Chart suggests that the company is currently overvalued:
Ameriprise Financial has a market cap of $18.59 billion. Its shares are currently trading at around $93.96 with a P/E ratio of 16.40, a P/S ratio of 1.90 and a P/B ratio of 2.20.
Check out more notable insider sells here.
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