9,052 Shares in Ameriprise Financial, Inc. $AMP Acquired by Patriot Investment Management Group Inc.

Key Points

• Patriot Investment Management Group acquired 9,052 Ameriprise Financial shares worth approximately $4.46 million in the third quarter. Institutional investors collectively own 83.95% of AMP’s outstanding stock.
• Analysts maintain a generally positive outlook, with Ameriprise carrying a consensus rating of “Moderate Buy” and an average price target of $572.55, despite several recent target-price reductions.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, and authorized a $5.5 billion share-repurchase program. The company also pays a $1.70 quarterly dividend, equivalent to a 1.4% yield.

Patriot Investment Management Group Inc. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,052 shares of the financial services provider's stock, valued at approximately $4,457,000.

A number of other hedge funds have also bought and sold shares of AMP. Twin Lakes Capital Management LLC bought a new stake in Ameriprise Financial during the 2nd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the second quarter worth $28,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Ameriprise Financial in the first quarter worth $28,000. Fiduciary Financial Advisors bought a new position in shares of Ameriprise Financial in the second quarter worth $30,000. Finally, Daytona Street Capital LLC bought a new position in shares of Ameriprise Financial in the third quarter worth $33,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AMP shares. Jefferies Financial Group reduced their price target on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. Evercore dropped their price objective on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. Piper Sandler raised their target price on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Morgan Stanley cut their target price on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research note on Friday, October 9th. Finally, BMO Capital Markets reduced their target price on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $572.55.

Ameriprise Financial Stock Performance

NYSE AMP opened at $502.32 on Friday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $45.16 billion, a PE ratio of 12.12, a P/E/G ratio of 1.02 and a beta of 1.16. The company's 50 day simple moving average is $534.72 and its two-hundred day simple moving average is $497.33.

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 the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $9.11 EPS. Analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio is presently 16.40%.

Ameriprise Financial announced that its board has authorized a stock repurchase plan on Tuesday, September 29th that allows the company to buy back $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. Share repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the business's stock in a transaction dated 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 in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Williams sold 8,210 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

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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