4,762 Shares in Ameriprise Financial, Inc. $AMP Purchased by Reliant Investment Management LLC

Key Points

• Reliant Investment Management LLC bought 4,762 shares of Ameriprise Financial worth approximately $2.35 million, making AMP about 0.8% of its portfolio. Institutional investors and hedge funds collectively own 83.95% of the stock.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The board also authorized a $5.5 billion share-repurchase program, covering up to 12.3% of outstanding shares.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $572.55, although several firms recently lowered their targets. The company also pays a $1.70 quarterly dividend, equivalent to a 1.4% yield.

Reliant Investment Management LLC purchased a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,762 shares of the financial services provider's stock, valued at approximately $2,345,000. Ameriprise Financial comprises approximately 0.8% of Reliant Investment Management LLC's holdings, making the stock its 29th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Neville Rodie & Shaw Inc. lifted its position in Ameriprise Financial by 4,524.8% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider's stock worth $16,076,000 after acquiring an additional 31,945 shares during the period. Canandaigua National Bank & Trust Co. purchased a new stake in Ameriprise Financial during the 3rd quarter valued at about $4,162,000. EP Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the 2nd quarter valued at about $1,704,000. Ballew Advisors Inc acquired a new position in shares of Ameriprise Financial in the third quarter valued at about $4,112,000. Finally, Venture Visionary Partners LLC increased its holdings in shares of Ameriprise Financial by 701.7% in the third quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider's stock valued at $60,948,000 after purchasing an additional 108,348 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William Williams sold 8,210 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

AMP has been the subject of several research analyst reports. The Goldman Sachs Group reduced their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Bank of America reiterated a "buy" rating and issued a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. Finally, Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Trading Up 0.6%

NYSE AMP opened at $496.19 on Thursday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year 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. The company has a market capitalization of $44.61 billion, a PE ratio of 11.97, a P/E/G ratio of 1.01 and a beta of 1.16. The company has a fifty day moving average of $535.87 and a 200 day moving average of $496.87.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $9.11 EPS. Research analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial declared that its board has initiated a stock repurchase plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

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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