2,192 Shares in Ameriprise Financial, Inc. $AMP Purchased by Burkett Financial Services LLC

Key Points

• Burkett Financial Services acquired 2,192 shares of Ameriprise Financial worth approximately $1.08 million, while institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, with revenue rising 11.6% year over year to $4.90 billion.
• The company authorized a $5.5 billion share-repurchase program covering up to 12.3% of outstanding shares and maintains a $6.80 annual dividend, yielding about 1.4%. Wall Street’s consensus rating remains “Hold,” with a target price of $555.33.

Burkett Financial Services LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,192 shares of the financial services provider's stock, valued at approximately $1,079,000. Ameriprise Financial comprises about 0.3% of Burkett Financial Services LLC's investment portfolio, making the stock its 26th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of AMP. State Street Corp boosted its holdings in Ameriprise Financial by 1,279.7% in 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. increased its stake in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock valued at $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Ameriprise Financial by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock worth $455,387,000 after purchasing an additional 19,731 shares in the last quarter. First Trust Advisors LP raised its holdings in Ameriprise Financial by 18.7% during the first quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider's stock worth $436,888,000 after purchasing an additional 154,659 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Ameriprise Financial by 2.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider's stock worth $374,920,000 after buying an additional 22,819 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction dated 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 owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by insiders.

Ameriprise Financial Stock Performance

NYSE AMP traded up $1.82 on Thursday, hitting $494.17. 579,916 shares of the company's stock were exchanged, compared to its average volume of 647,920. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm's 50-day moving average price is $545.45 and its two-hundred day moving average price is $493.05. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The firm has a market cap of $44.43 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.89 and a beta of 1.14.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the prior year, the business posted $9.11 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. On average, research analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 29th that authorizes the company to buyback $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Ameriprise Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

AMP has been the topic of a number of research analyst reports. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Morgan Stanley lifted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and a consensus target price of $555.33.

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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