44,054 Shares in Ameriprise Financial, Inc. $AMP Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp acquired 44,054 Ameriprise Financial shares in the third quarter, valued at approximately $21.69 million. Institutional investors collectively own 83.95% of the company’s stock.
• 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.
• The company authorized a $5.5 billion share repurchase program and declared a quarterly dividend of $1.70 per share. Analysts’ consensus rating was “Hold,” with an average price target of $557.

Associated Banc Corp acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 44,054 shares of the financial services provider's stock, valued at approximately $21,690,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AMP. State Street Corp raised its position in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Ameriprise Financial by 960.8% in the 2nd 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 acquiring an additional 3,036,128 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider's stock valued at $1,019,036,000 after acquiring an additional 1,878,244 shares during the period. Artemis Investment Management LLP acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth about $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth about $575,767,000. 83.95% of the stock is owned by institutional investors.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Up 0.1%

Ameriprise Financial stock opened at $504.98 on Wednesday. The stock has a market cap of $43.84 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.08 and a beta of 1.13. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The company's 50-day moving average price is $517.40 and its two-hundred day moving average price is $493.01.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $5.10 billion. During the same quarter last year, the business earned $9.92 earnings per share. The company's revenue was up 6.8% on a year-over-year basis. As a group, analysts expect that Ameriprise Financial, Inc. will post 46.08 EPS for the current year.

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

Ameriprise Financial Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Raymond James Financial raised their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a research note on Friday, August 21st. Bank of America downgraded Ameriprise Financial from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $570.00 to $445.00 in a research report on Monday, October 19th. Piper Sandler upped their price objective on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Morgan Stanley cut their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research report on Friday, October 9th. Finally, Zacks Research downgraded Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. One investment 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. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $557.00.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.

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