5,803 Shares of Ameriprise Financial, Inc. $AMP Purchased by Saxony Capital Management LLC

Key Points

• Saxony Capital Management purchased 5,803 Ameriprise Financial shares valued at approximately $2.86 million, making AMP a 1.2% portfolio holding. Hedge funds and institutional investors collectively own 83.95% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $572.55, despite mixed target adjustments ranging from $483 to $638.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, while revenue rose 11.6% year over year. The company also pays a $1.70 quarterly dividend and authorized a $5.5 billion share-repurchase program.

Saxony Capital Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,803 shares of the financial services provider's stock, valued at approximately $2,857,000. Ameriprise Financial comprises approximately 1.2% of Saxony Capital Management LLC's investment portfolio, making the stock its 21st largest holding.

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

Analysts Set New Price Targets

Several research analysts have weighed in on AMP shares. Bank of America reiterated a "buy" rating and issued a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a report on Monday, October 5th. Morgan Stanley decreased their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a report on Friday, October 9th. Evercore decreased their price objective on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Finally, Raymond James Financial upped their target price on Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a research note on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $572.55.

Insider Buying and Selling

In other news, SVP Dawn Brockman sold 472 shares of the stock in a transaction dated 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 sale, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Williams sold 8,210 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock worth $16,316,497 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $502.32 on Friday. The company's fifty day simple moving average is $534.72 and its 200-day simple moving average is $497.33. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market cap of $45.16 billion, a PE ratio of 12.12, a P/E/G ratio of 1.02 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the business posted $9.11 EPS. The business's quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Share repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

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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