AlphaStar Capital Management LLC Makes New $9.85 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• AlphaStar Capital Management initiated a $9.85 million position in Ameriprise Financial during the third quarter by purchasing 20,004 shares.
• Institutional investors own 83.95% of Ameriprise, with several major firms significantly increasing their holdings or establishing new positions.
• Ameriprise recently reported quarterly earnings and revenue above analyst expectations and authorized a $5.5 billion share buyback; its shares opened at $500.91, below the consensus price target of $572.55.

AlphaStar Capital Management LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,004 shares of the financial services provider's stock, valued at approximately $9,849,000.

A number of other institutional investors also recently modified their holdings of the business. State Street Corp increased its holdings 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 buying an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. raised its stake in 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 acquiring an additional 3,036,128 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Ameriprise Financial by 980.8% in the third 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 acquiring an additional 1,878,244 shares during the last quarter. Artemis Investment Management LLP acquired a new position in Ameriprise Financial during the 3rd quarter worth approximately $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new position in Ameriprise Financial during the 3rd quarter worth approximately $575,767,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $500.91 on Friday. 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 firm has a 50-day moving average of $533.72 and a 200-day moving average of $497.36. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a market cap of $45.03 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $9.11 earnings per share. Equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has initiated a share buyback program 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 purchase up to 12.3% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Insider Buying and Selling

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. The trade was a 39.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock worth $16,316,497 in the last 90 days. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AMP shares. Jefferies Financial Group dropped their target price on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday, October 12th. Weiss Ratings upgraded shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Royal Bank Of Canada boosted their target price on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Finally, 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. 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's stock. According to MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus price target of $572.55.

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.

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