6,513 Ameriprise Financial, Inc. $AMP Shares Bought by B. Riley Wealth Advisors Inc.

Key Points

• B. Riley Wealth Advisors increased its Ameriprise Financial stake by 1,050.5% in the third quarter, purchasing 6,513 additional shares and ending with a position worth approximately $3.5 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The board also authorized a $5.5 billion share-repurchase program covering up to 12.3% of outstanding shares.
• AMP shares were trading at $493.03, down 1.4%, with analysts holding a “Moderate Buy” consensus and an average price target of $572.55. The company declared a quarterly dividend of $1.70 per share, or $6.80 annualized.

B. Riley Wealth Advisors Inc. increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,050.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,133 shares of the financial services provider's stock after buying an additional 6,513 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Ameriprise Financial were worth $3,512,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Ameriprise Financial by 960.8% during the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after buying an additional 3,036,128 shares during the period. Artemis Investment Management LLP acquired a new stake in shares of Ameriprise Financial during the third quarter worth $925,211,000. Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial during the third quarter worth $575,767,000. Finally, Dimensional Fund Advisors LP raised its stake in Ameriprise Financial by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock worth $455,387,000 after buying an additional 19,731 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Trading Down 1.4%

NYSE AMP opened at $493.03 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The business has a 50 day moving average price of $537.16 and a 200-day moving average price of $496.54. The company has a market cap of $44.32 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly 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. The business 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%. Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.11 EPS. As a group, equities analysts expect 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 share buyback program 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. Share repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given a dividend of $1.70 per share. 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 presently 16.40%.

Insider Activity

In related news, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction 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 sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction on 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 sale, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on AMP. Argus upped their price target on shares of Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Morgan Stanley lowered their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research report on Friday, October 9th. Jefferies Financial Group dropped their price objective on Ameriprise Financial from $645.00 to $638.00 in a research note on Monday. Finally, The Goldman Sachs Group cut their target price on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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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