4,813 Shares in Ameriprise Financial, Inc. $AMP Purchased by Balefire LLC

Key Points

• Balefire LLC acquired 4,813 shares of Ameriprise Financial in the third quarter, valued at approximately $2.37 million. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• The company authorized a $5.5 billion share buyback, covering up to 12.3% of outstanding shares, and pays a quarterly dividend of $1.70 per share. Analysts maintain a “Moderate Buy” consensus with an average price target of $558.

Balefire LLC 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 4,813 shares of the financial services provider's stock, valued at approximately $2,370,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rexford Capital Inc. raised its position in Ameriprise Financial by 19.5% during the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock worth $65,000 after acquiring an additional 24 shares in the last quarter. North Dakota State Investment Board increased its stake in shares of Ameriprise Financial by 0.9% during the 2nd quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider's stock worth $1,246,000 after purchasing an additional 24 shares during the last quarter. HBK Sorce Advisory LLC increased its stake 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 worth $409,000 after purchasing an additional 24 shares during the last quarter. Fulton Bank N.A. raised its holdings in shares of Ameriprise Financial by 0.4% in the 2nd quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider's stock valued at $3,068,000 after purchasing an additional 25 shares during the period. Finally, Revolve Wealth Partners LLC raised its holdings in shares of Ameriprise Financial by 5.0% in the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider's stock valued at $243,000 after purchasing an additional 25 shares during the period. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded up $1.48 during trading on Friday, reaching $500.56. 487,136 shares of the stock were exchanged, compared to its average volume of 643,844. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The firm has a market cap of $45.00 billion, a PE ratio of 12.07, a PEG ratio of 1.01 and a beta of 1.16. The stock has a 50-day moving average price of $540.34 and a 200-day moving average price of $495.47. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

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

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

Ameriprise Financial Dividend Announcement

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

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president 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 dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. 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 over the last ninety days. Corporate insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday. Piper Sandler boosted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods increased their price target 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. Zacks Research downgraded Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Jefferies Financial Group raised their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus target price of $558.00.

About Ameriprise Financial

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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