185,329 Shares in Ameriprise Financial, Inc. $AMP Bought by 1834 Investment Advisors Co.

Key Points

• 1834 Investment Advisors Co. bought 185,329 shares of Ameriprise Financial valued at approximately $91.25 million, making AMP its largest portfolio holding at 8.6%. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The board also authorized a $5.5 billion share-buyback program covering up to 12.3% of outstanding shares.
• Insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days. Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $572.55, despite several recent target reductions and one underweight rating.

1834 Investment Advisors Co. purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 185,329 shares of the financial services provider's stock, valued at approximately $91,247,000. Ameriprise Financial makes up 8.6% of 1834 Investment Advisors Co.'s portfolio, making the stock its biggest position. 1834 Investment Advisors Co. owned approximately 0.21% of Ameriprise Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMP. Aull & Monroe Investment Management Corp acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth about $7,620,000. Kintegral Advisory LLC raised its holdings in shares of Ameriprise Financial by 1,775.0% in the 3rd quarter. Kintegral Advisory LLC now owns 37,763 shares of the financial services provider's stock valued at $18,593,000 after purchasing an additional 35,749 shares during the period. New England Research & Management Inc. acquired a new stake in Ameriprise Financial in the 3rd quarter valued at about $26,515,000. Intergy Private Wealth LLC acquired a new stake in Ameriprise Financial in the 3rd quarter valued at about $2,290,000. Finally, Avail Investment Partners LLC grew its holdings in Ameriprise Financial by 2.6% during the third quarter. Avail Investment Partners LLC now owns 800 shares of the financial services provider's stock worth $394,000 after purchasing an additional 20 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider William Williams sold 8,210 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last 90 days. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Trading Down 0.3%

Shares of AMP stock opened at $500.91 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The firm has a 50 day moving average price of $533.72 and a two-hundred day moving average price of $497.36. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $45.03 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $9.11 earnings per share. As a group, analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

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

Ameriprise Financial Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on AMP shares. Evercore lowered their price target on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. The Goldman Sachs Group cut their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a research report on Friday, October 2nd. Zacks Research downgraded Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Morgan Stanley decreased their target price on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

About Ameriprise Financial

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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