277,292 Shares in Ameriprise Financial, Inc. $AMP Bought by Avity Investment Management Inc.

Key Points

• Avity Investment Management acquired 277,292 shares of Ameriprise Financial, worth approximately $136.5 million, making AMP its largest portfolio holding at 8.3%.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program.
• AMP shares recently traded at $500.56, while analysts maintained a “Moderate Buy” consensus with an average price target of $558.00; the company pays a quarterly dividend of $1.70.

Avity Investment Management Inc. bought a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 277,292 shares of the financial services provider's stock, valued at approximately $136,525,000. Ameriprise Financial comprises approximately 8.3% of Avity Investment Management Inc.'s investment portfolio, making the stock its biggest position. Avity Investment Management Inc. owned approximately 0.31% of Ameriprise Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMP. Avaii Wealth Management LLC acquired a new position in Ameriprise Financial during the third quarter valued at approximately $2,428,000. Riversedge Advisors LLC acquired a new stake in shares of Ameriprise Financial in the third quarter worth $239,000. Wedmont Private Capital boosted its holdings in shares of Ameriprise Financial by 537.4% during the 3rd quarter. Wedmont Private Capital now owns 22,780 shares of the financial services provider's stock worth $11,216,000 after buying an additional 19,206 shares during the period. Lawood & Co. bought a new stake in shares of Ameriprise Financial during the 3rd quarter worth $11,636,000. Finally, Douglas Lane & Associates LLC acquired a new position in Ameriprise Financial in the 3rd quarter valued at $575,767,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP traded up $1.48 on Friday, reaching $500.56. 487,136 shares of the stock traded hands, compared to its average volume of 643,844. The stock's 50-day moving average price is $540.34 and its 200-day moving average price is $495.47. The firm has a market cap of $45.00 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

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 for the quarter, beating the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for 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 firm's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $9.11 EPS. Equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial announced that its board has authorized a share repurchase program on Tuesday, September 29th that permits the company to buyback $5.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, CFO Walter Berman sold 11,012 shares of the business's stock in a transaction that occurred 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 transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William Williams sold 8,210 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. Company insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. BMO Capital Markets dropped their price objective on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research note on Tuesday. Piper Sandler boosted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Finally, Keefe, Bruyette & Woods increased their target price 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 analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $558.00.

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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