5,983 Shares of Ameriprise Financial, Inc. $AMP Bought by Founders Grove Wealth Partners LLC

Key Points

• Founders Grove Wealth Partners initiated a position in Ameriprise Financial, buying 5,983 shares worth approximately $2.95 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program.
• Insiders sold nearly 30,000 shares worth $16.3 million during the latest quarter, while analysts maintain a “Moderate Buy” consensus with an average price target of $572.55.

Founders Grove Wealth Partners LLC bought 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 Securities and Exchange Commission. The fund bought 5,983 shares of the financial services provider's stock, valued at approximately $2,946,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Neville Rodie & Shaw Inc. grew its holdings in Ameriprise Financial by 4,524.8% in the third quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider's stock valued at $16,076,000 after purchasing an additional 31,945 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in Ameriprise Financial during the third quarter worth approximately $4,162,000. Ballew Advisors Inc purchased a new position in Ameriprise Financial during the third quarter worth approximately $4,112,000. EP Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial in the 2nd quarter valued at $1,704,000. Finally, Venture Visionary Partners LLC boosted its holdings in shares of Ameriprise Financial by 701.7% in the 3rd 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 last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value 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 approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Trading Down 0.3%

NYSE AMP opened at $500.91 on Friday. The firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.03 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company's 50 day moving average price is $533.72 and its 200 day moving average price is $497.36.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the firm earned $9.11 earnings per share. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has authorized 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 shares through open market purchases. Share repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Analysts Set New Price Targets

AMP has been the subject of several research reports. Evercore lowered their price objective on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. Argus boosted their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, BMO Capital Markets dropped their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $572.55.

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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