63,276 Shares of Ameriprise Financial, Inc. $AMP Bought by Iowa State Bank

Key Points

• Iowa State Bank acquired 63,276 shares of Ameriprise Financial worth approximately $31.2 million, making AMP its third-largest holding and representing 0.07% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $559.80; individual targets range from $518 to $645.
• Ameriprise reported quarterly EPS of $11.07, surpassing estimates, while revenue rose 11.6% year over year. The company also authorized a $5.5 billion share repurchase program and pays a $1.70 quarterly dividend.

Iowa State Bank acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 63,276 shares of the financial services provider's stock, valued at approximately $31,154,000. Ameriprise Financial accounts for 5.0% of Iowa State Bank's holdings, making the stock its 3rd biggest holding. Iowa State Bank owned 0.07% of Ameriprise Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SouthState Bank Corp increased its stake in shares of Ameriprise Financial by 78.6% during the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after buying an additional 22 shares during the period. Rexford Capital Inc. grew its holdings in Ameriprise Financial by 19.5% during the 1st 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 grew its holdings in 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 acquiring an additional 24 shares in the last quarter. HBK Sorce Advisory LLC increased its position in shares of Ameriprise Financial by 2.8% in the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock valued at $409,000 after purchasing an additional 24 shares during the last quarter. Finally, 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 in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on AMP. Bank of America reaffirmed a "buy" rating and set a $570.00 price objective on shares of Ameriprise Financial in a research report on Monday. Piper Sandler increased their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods raised 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. Jefferies Financial Group lifted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $559.80.

Insider Transactions at Ameriprise Financial

In related news, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value 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 $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 available through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm'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 value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. This represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Stock Down 0.7%

Shares of NYSE:AMP traded down $3.50 during trading on Tuesday, hitting $491.44. 157,629 shares of the company were exchanged, compared to its average volume of 644,066. The stock has a market capitalization of $44.18 billion, a P/E ratio of 11.85, a PEG ratio of 0.88 and a beta of 1.16. 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, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The firm's 50 day moving average price is $543.30 and its 200-day moving average price is $494.20.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results 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. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the firm posted $9.11 EPS. The company's revenue was up 11.6% on a year-over-year basis. On average, research analysts predict that Ameriprise Financial, Inc. will post 46.27 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. 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 dividend payout ratio is currently 16.40%.

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

Ameriprise Financial 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.