20,292 Ameriprise Financial, Inc. $AMP Shares Bought by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its Ameriprise stake by 38.7%, buying 20,292 shares in the third quarter and bringing its holdings to 72,765 shares, valued at about $36 million.
• Analyst views are mixed: the consensus rating is Hold with a $557 price target. Ameriprise’s latest quarterly earnings and revenue both came in slightly below estimates, though revenue rose 6.8% year over year.
• Ameriprise declared a $1.70 quarterly dividend and authorized a $5.5 billion share repurchase program, allowing buybacks of up to 12.3% of outstanding shares.

Candriam S.C.A. lifted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 38.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,765 shares of the financial services provider's stock after purchasing an additional 20,292 shares during the period. Candriam S.C.A. owned 0.08% of Ameriprise Financial worth $35,957,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ethic Inc. increased its holdings in Ameriprise Financial by 6.4% in the third quarter. Ethic Inc. now owns 20,009 shares of the financial services provider's stock worth $9,852,000 after purchasing an additional 1,200 shares in the last quarter. 180 Wealth Advisors LLC acquired a new position in Ameriprise Financial in the third quarter valued at approximately $204,000. StoneX Group Inc. boosted its holdings in shares of Ameriprise Financial by 28.4% during the 3rd quarter. StoneX Group Inc. now owns 1,591 shares of the financial services provider's stock worth $853,000 after buying an additional 352 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Ameriprise Financial by 0.5% during the 3rd quarter. Parallel Advisors LLC now owns 4,254 shares of the financial services provider's stock worth $2,094,000 after buying an additional 20 shares in the last quarter. Finally, Alps Advisors Inc. grew its position in shares of Ameriprise Financial by 135.0% during the 3rd quarter. Alps Advisors Inc. now owns 1,819 shares of the financial services provider's stock worth $896,000 after buying an additional 1,045 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMP. Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Bank of America lowered shares of Ameriprise Financial from a "buy" rating to an "underperform" rating and cut their target price for the stock from $570.00 to $445.00 in a research note on Monday, October 19th. Piper Sandler raised their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Finally, Evercore cut their price target on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $557.00.

Ameriprise Financial Stock Up 0.2%

Shares of NYSE AMP opened at $502.44 on Monday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50-day moving average price of $514.63 and a 200-day moving average price of $493.16. The stock has a market capitalization of $43.62 billion, a P/E ratio of 11.30, a P/E/G ratio of 1.06 and a beta of 1.13. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share for the quarter, missing analysts' consensus estimates of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the company earned $9.92 EPS. The company's revenue was up 6.8% on a year-over-year basis. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.24 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Monday, November 9th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio is 15.30%.

Ameriprise Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

About Ameriprise Financial

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products.

The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis.

Ameriprise serves clients primarily in the United States through its network of financial advisors.

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