5,117 Shares in Ameriprise Financial, Inc. $AMP Purchased by Millennium Capital Advisors LLC

Key Points

• Millennium Capital Advisors purchased 5,117 Ameriprise Financial shares worth approximately $2.52 million in the third quarter, while institutional investors and hedge funds collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 in EPS and $4.90 billion in revenue, with revenue rising 11.6% year over year. The board also authorized a $5.5 billion share-repurchase program covering up to 12.3% of outstanding shares.
• AMP recently traded at $500.91, down 0.3%, and analysts hold a “Moderate Buy” consensus rating with an average price target of $572.55. Meanwhile, company insiders sold nearly 30,000 shares worth $16.3 million during the latest quarter.

Millennium Capital Advisors LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 5,117 shares of the financial services provider's stock, valued at approximately $2,519,000. Ameriprise Financial accounts for approximately 1.3% of Millennium Capital Advisors LLC's holdings, making the stock its 20th largest position.

Several other hedge funds have also recently bought and sold shares of AMP. Pension & Wealth Management Advisors Inc. acquired a new position in shares of Ameriprise Financial in the third quarter valued at approximately $1,646,000. Howard Capital Management LLC raised its holdings in shares of Ameriprise Financial by 1,433.8% during the third quarter. Howard Capital Management LLC now owns 9,065 shares of the financial services provider's stock worth $4,463,000 after acquiring an additional 8,474 shares during the period. Chemistry Wealth Management LLC raised its holdings in shares of Ameriprise Financial by 7.7% during the third quarter. Chemistry Wealth Management LLC now owns 4,009 shares of the financial services provider's stock worth $1,974,000 after acquiring an additional 288 shares during the period. Baugh & Associates LLC acquired a new stake in shares of Ameriprise Financial during the third quarter worth $58,484,000. Finally, Cantor Fitzgerald Investment Advisors L.P. bought a new stake in Ameriprise Financial in the 3rd quarter valued at $196,770,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the business'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 sale, the insider directly owned 6,780 shares of the company's stock, valued at $3,656,793. The trade was a 54.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Down 0.3%

Shares of AMP traded down $1.67 during mid-day trading on Friday, hitting $500.91. 581,724 shares of the company's stock were exchanged, compared to its average volume of 647,053. The company has a market cap of $45.03 billion, a PE ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a 50-day simple moving average of $533.72 and a 200 day simple moving average of $497.36. 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 announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.11 earnings per share. On average, research analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Argus upped their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. The Goldman Sachs Group lowered their target price on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Jefferies Financial Group dropped their price target on Ameriprise Financial from $645.00 to $638.00 in a research note on Monday, October 12th. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Finally, Morgan Stanley cut their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial presently has a consensus rating of "Moderate Buy" and an average price target of $572.55.

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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