8,375 Shares in Ameriprise Financial, Inc. $AMP Bought by McKinley Carter Wealth Services Inc.

Key Points

• McKinley Carter Wealth Services purchased 8,375 Ameriprise Financial shares worth approximately $4.1 million, while institutional investors collectively own 83.95% of AMP.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $572.55, although several firms recently lowered their targets.
• Ameriprise reported quarterly earnings and revenue above expectations and approved a $5.5 billion share-repurchase program, authorizing buybacks of up to 12.3% of outstanding shares.

McKinley Carter Wealth Services Inc. purchased 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 & Exchange Commission. The institutional investor purchased 8,375 shares of the financial services provider's stock, valued at approximately $4,123,000.

Several other large investors also recently made changes to their positions in the stock. State Street Corp lifted its position in 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 valued at $29,069,493,000 after acquiring an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Assenagon Asset Management S.A. boosted its stake in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider's stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares during the period. Artemis Investment Management LLP bought a new position in Ameriprise Financial during the 3rd quarter worth about $925,211,000. Finally, Douglas Lane & Associates LLC bought a new position in Ameriprise Financial during the 3rd quarter worth about $575,767,000. Institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AMP. BMO Capital Markets dropped their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 6th. The Goldman Sachs Group cut their price target on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a report on Friday, October 2nd. Royal Bank Of Canada upped their price objective on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. Evercore reduced their price objective on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Finally, Morgan Stanley decreased their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday, October 9th. One 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 issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Stock Down 0.3%

Ameriprise Financial stock traded down $1.67 during mid-day trading on Friday, reaching $500.91. The company's stock had a trading volume of 581,724 shares, compared to its average volume of 647,053. 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 12 month low of $422.37 and a 12 month high of $572.56. The business's 50 day simple moving average is $533.72 and its 200 day simple moving average is $497.36. The company has a market capitalization of $45.03 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 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 firm had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. During the same period in the previous year, the firm posted $9.11 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors 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 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial's payout ratio is currently 16.40%.

Ameriprise Financial announced that its board has approved a stock repurchase plan 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 buy up to 12.3% of its stock through open market purchases. Share repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction that occurred on 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 approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last three months. Insiders own 0.60% of the company's stock.

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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