11,912 Ameriprise Financial, Inc. $AMP Shares Purchased by Forvis Mazars Wealth Advisors LLC

Key Points

• Forvis Mazars Wealth Advisors increased its Ameriprise stake by 268.8% in the third quarter, purchasing 11,912 additional shares and bringing its holdings to 16,343 shares valued at approximately $8.05 million. Institutional investors and hedge funds collectively own 83.95% of AMP.
• Analyst sentiment remains positive overall, with Ameriprise carrying a “Moderate Buy” consensus rating and an average price target of $572.55, although Morgan Stanley lowered its target to $483 and maintained an underweight rating.
• Ameriprise shares recently traded down 1.4% to $493.03, while the company reported quarterly earnings and revenue above expectations. It also approved a $5.5 billion share-repurchase plan and pays a quarterly dividend of $1.70 per share.

Forvis Mazars Wealth Advisors LLC grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 268.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,343 shares of the financial services provider's stock after acquiring an additional 11,912 shares during the period. Forvis Mazars Wealth Advisors LLC's holdings in Ameriprise Financial were worth $8,046,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Courier Capital LLC grew its holdings in Ameriprise Financial by 52.9% in the third quarter. Courier Capital LLC now owns 4,960 shares of the financial services provider's stock valued at $2,442,000 after purchasing an additional 1,715 shares during the last quarter. First County Bank CT raised its stake in shares of Ameriprise Financial by 660.7% during the 3rd quarter. First County Bank CT now owns 12,529 shares of the financial services provider's stock worth $6,169,000 after buying an additional 10,882 shares during the last quarter. Fragasso Financial Advisors Inc acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth $209,000. NorthCrest Asset Manangement LLC boosted its position in shares of Ameriprise Financial by 85.8% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 10,423 shares of the financial services provider's stock worth $5,132,000 after buying an additional 4,812 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its position in shares of Ameriprise Financial by 869.5% in the 3rd quarter. Avior Wealth Management LLC now owns 9,443 shares of the financial services provider's stock worth $4,649,000 after buying an additional 8,469 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on AMP shares. Morgan Stanley dropped their target price on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday. Bank of America reaffirmed a "buy" rating and issued a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a report on Monday, October 5th. Weiss Ratings upgraded shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Raymond James Financial increased their price target on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a research report on Friday, August 21st. Finally, Royal Bank Of Canada raised their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $572.55.

Insider Activity

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last three months. 0.60% of the stock is owned by insiders.

Ameriprise Financial Trading Down 1.4%

Shares of Ameriprise Financial stock traded down $6.99 during mid-day trading on Tuesday, hitting $493.03. 420,778 shares of the stock were exchanged, compared to its average volume of 641,015. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The stock has a market capitalization of $44.32 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The company has a 50-day simple moving average of $538.37 and a 200 day simple moving average of $496.25. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company's revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.11 earnings per share. Research analysts forecast that Ameriprise Financial, Inc. will post 46.17 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial declared that its board has approved a stock buyback plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Company 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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