5,802 Ameriprise Financial, Inc. $AMP Shares Purchased by Everhart Financial Group Inc.

Key Points

• Everhart Financial Group increased its Ameriprise Financial stake by 1,165.1% in the third quarter, purchasing 5,802 additional shares and ending with 6,300 shares valued at approximately $3.1 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding analysts’ $10.81 estimate, while revenue rose 11.6% year over year to $4.90 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $559.80.
• The company authorized a $5.5 billion stock-repurchase program, covering up to 12.3% of outstanding shares, and pays a quarterly dividend of $1.70 per share, representing a 1.4% yield.

Everhart Financial Group Inc. lifted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,165.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,300 shares of the financial services provider's stock after buying an additional 5,802 shares during the quarter. Everhart Financial Group Inc.'s holdings in Ameriprise Financial were worth $3,102,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Twin Lakes Capital Management LLC purchased a new position in Ameriprise Financial during the second quarter worth $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter worth $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial during the 2nd quarter valued at approximately $28,000. Fiduciary Financial Advisors acquired a new position in Ameriprise Financial in the 2nd quarter worth approximately $30,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Ameriprise Financial during the first quarter worth about $34,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

Ameriprise Financial stock traded up $7.68 during midday trading on Thursday, hitting $498.24. The company's stock had a trading volume of 193,208 shares, compared to its average volume of 642,638. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $44.79 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.02 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 stock's 50-day moving average price is $541.26 and its 200-day moving average price is $495.04.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion during 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 business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm earned $9.11 earnings per share. Analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed 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 is currently 16.40%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Bank of America reissued a "buy" rating and set a $570.00 price target on shares of Ameriprise Financial in a research report on Monday. BMO Capital Markets lowered their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research note on Tuesday. Zacks Research cut shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $559.80.

Insider Buying and Selling

In other Ameriprise Financial news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 over the last 90 days. 0.60% of the stock is currently owned by insiders.

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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