113,820 Shares in Ameriprise Financial, Inc. $AMP Bought by Whitener Capital Management Inc.

Key Points

• Whitener Capital Management bought 113,820 Ameriprise Financial shares worth approximately $56 million, making AMP its largest portfolio holding at 10.2%. Institutional investors collectively own 83.95% of the stock.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 in EPS and $4.90 billion in revenue, with revenue up 11.6% year over year. The company also authorized a $5.5 billion share-repurchase program and pays a $1.70 quarterly dividend.
• Analyst sentiment remains “Moderate Buy”, with a consensus price target of $572.55, although some firms recently lowered their targets and insiders have sold nearly 30,000 shares over the past three months.

Whitener Capital Management Inc. purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 113,820 shares of the financial services provider's stock, valued at approximately $56,039,000. Ameriprise Financial makes up 10.2% of Whitener Capital Management Inc.'s portfolio, making the stock its largest position. Whitener Capital Management Inc. owned about 0.13% of Ameriprise Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. State Street Corp raised its position in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Ameriprise Financial by 960.8% during the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP bought a new stake in Ameriprise Financial during the third quarter worth $925,211,000. Assenagon Asset Management S.A. lifted its stake in Ameriprise Financial by 980.8% during the third quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider's stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares during the last quarter. Finally, Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial in the 3rd quarter valued at $575,767,000. 83.95% of the stock is owned by institutional investors.

Insider Activity at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Price Performance

AMP stock opened at $502.32 on Friday. The company has a 50 day simple moving average of $534.72 and a 200 day simple moving average of $497.33. The stock has a market cap of $45.16 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 1.02 and a beta of 1.16. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the firm earned $9.11 EPS. The firm's revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Share repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's payout ratio is presently 16.40%.

Analysts Set New Price Targets

AMP has been the topic of several recent analyst reports. Morgan Stanley decreased their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research note on Friday, October 9th. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Bank of America reaffirmed a "buy" rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Jefferies Financial Group decreased their target price on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus price target of $572.55.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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