7,552 Shares in Ameriprise Financial, Inc. $AMP Purchased by Selective Wealth Management Inc.

Key Points

• Selective Wealth Management acquired 7,552 Ameriprise Financial shares worth approximately $3.72 million, while institutional investors collectively own 83.95% of AMP.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $572.55, despite some downgrades and a lower target from Morgan Stanley.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, and announced a $5.5 billion share-repurchase authorization. It also pays a $1.70 quarterly dividend, equivalent to a 1.4% annual yield.

Selective Wealth Management Inc. acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,552 shares of the financial services provider's stock, valued at approximately $3,718,000. Ameriprise Financial makes up 0.9% of Selective Wealth Management Inc.'s investment portfolio, making the stock its 21st largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMP. Rexford Capital Inc. boosted its holdings in shares of Ameriprise Financial by 19.5% in the 1st quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock valued at $65,000 after purchasing an additional 24 shares in the last quarter. North Dakota State Investment Board raised its holdings in shares of 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 buying an additional 24 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in shares of Ameriprise Financial by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock worth $409,000 after buying an additional 24 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Ameriprise Financial by 0.4% during the 2nd quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider's stock worth $3,068,000 after buying an additional 25 shares during the last quarter. Finally, Revolve Wealth Partners LLC lifted its position in shares of Ameriprise Financial by 5.0% during the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider's stock worth $243,000 after buying an additional 25 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AMP has been the topic of a number of recent analyst reports. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Raymond James Financial increased their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the stock a "strong-buy" rating in a report on Friday, August 21st. Morgan Stanley reduced their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research note on Friday, October 9th. Finally, Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus target price of $572.55.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn M. 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 transaction, the senior vice president directly 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 document filed 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 transaction, the insider owned 6,780 shares of the company's stock, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Price Performance

Shares of NYSE AMP traded down $1.67 during midday trading on Friday, reaching $500.91. 581,724 shares of the company were exchanged, compared to its average volume of 647,053. The stock's 50-day moving average price is $533.72 and its 200-day moving average price is $497.36. The stock has a market cap of $45.03 billion, a P/E ratio of 12.08, a PEG ratio of 1.03 and a beta of 1.16. 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 one year low of $422.37 and a one year high of $572.56.

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. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same period in the prior year, the company earned $9.11 EPS. Ameriprise Financial's revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently disclosed 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. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial's payout ratio is currently 16.40%.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership 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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