23,451 Ameriprise Financial, Inc. $AMP Shares Sold by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its Ameriprise Financial stake by 4.2%, selling 23,451 shares in the third quarter; it still held 532,541 shares worth about $262.2 million.
• Ameriprise reported quarterly EPS of $11.26, below the $11.77 analyst consensus, while revenue rose 6.8% year over year to $5.08 billion. Analysts’ consensus rating was Hold, with a $557 price target.
• The company declared a $1.70 quarterly dividend and authorized a share buyback of up to $5.5 billion, or 12.3% of outstanding shares.

Beutel Goodman & Co Ltd. decreased its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 532,541 shares of the financial services provider's stock after selling 23,451 shares during the period. Ameriprise Financial makes up 2.1% of Beutel Goodman & Co Ltd.'s holdings, making the stock its 17th biggest holding. Beutel Goodman & Co Ltd. owned about 0.61% of Ameriprise Financial worth $262,196,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Avail Investment Partners LLC raised its position in shares of Ameriprise Financial by 2.6% in the 3rd quarter. Avail Investment Partners LLC now owns 800 shares of the financial services provider's stock worth $394,000 after acquiring an additional 20 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Ameriprise Financial by 0.5% in the 3rd quarter. Parallel Advisors LLC now owns 4,254 shares of the financial services provider's stock valued at $2,094,000 after purchasing an additional 20 shares during the period. Novem Group lifted its stake in shares of Ameriprise Financial by 0.9% in the 3rd quarter. Novem Group now owns 2,303 shares of the financial services provider's stock valued at $1,134,000 after purchasing an additional 21 shares during the period. North Dakota State Investment Board lifted its stake in shares of Ameriprise Financial by 0.9% in the 2nd quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider's stock valued at $1,246,000 after purchasing an additional 24 shares during the period. Finally, HBK Sorce Advisory LLC boosted its position in shares of Ameriprise Financial by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock valued at $409,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

AMP has been the subject of several recent analyst reports. Argus raised their target price on Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Bank of America downgraded Ameriprise Financial from a "buy" rating to an "underperform" rating and lowered their target price for the stock from $570.00 to $445.00 in a report on Monday, October 19th. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Finally, BMO Capital Markets cut their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $557.00.

Ameriprise Financial Trading Up 3.5%

AMP opened at $518.81 on Tuesday. The company has a fifty day moving average price of $513.81 and a two-hundred day moving average price of $493.23. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The company has a market cap of $45.04 billion, a P/E ratio of 11.67, a price-to-earnings-growth ratio of 1.12 and a beta of 1.13. The company has a current ratio of 0.68, a quick ratio of 0.71 and a debt-to-equity ratio of 1.13.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) 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 company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same period last year, the company earned $9.92 EPS. Ameriprise Financial's revenue for the quarter was up 6.8% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 46.24 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 9th will be issued a $1.70 dividend. The ex-dividend date is Monday, November 9th. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial's dividend payout ratio is presently 15.30%.

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