Ameriprise Financial, Inc. $AMP Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Ameriprise Financial by 14.4% in the first quarter, owning a total of 242,769 shares valued at approximately $117.53 million.
• Ameriprise Financial reported an earnings per share (EPS) of $9.11 for its latest quarter, exceeding analysts' expectations and showing a 2.2% year-over-year revenue growth.
• The company has initiated a $4.5 billion stock buyback plan, allowing it to repurchase up to 9.9% of its stock, indicating the board's belief that the stock is undervalued.

American Century Companies Inc. lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 14.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 242,769 shares of the financial services provider's stock after buying an additional 30,492 shares during the period. American Century Companies Inc. owned approximately 0.25% of Ameriprise Financial worth $117,527,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Forum Financial Management LP raised its position in shares of Ameriprise Financial by 1.4% during the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after purchasing an additional 21 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in Ameriprise Financial by 1.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after acquiring an additional 21 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its stake in Ameriprise Financial by 3.0% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after acquiring an additional 21 shares in the last quarter. Argent Trust Co grew its stake in Ameriprise Financial by 1.3% during the 1st quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock valued at $822,000 after acquiring an additional 21 shares in the last quarter. Finally, Ritholtz Wealth Management grew its stake in Ameriprise Financial by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock valued at $852,000 after acquiring an additional 22 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMP has been the subject of several research reports. Piper Sandler upped their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. William Blair cut shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and increased their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Raymond James Financial increased their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research note on Friday, July 25th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $534.71.

Ameriprise Financial Trading Up 2.6%

Shares of AMP stock traded up $12.8860 during trading hours on Friday, hitting $518.1160. The company had a trading volume of 149,424 shares, compared to its average volume of 502,749. The company's fifty day moving average is $520.83 and its 200 day moving average is $506.39. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $582.05. The stock has a market capitalization of $48.84 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $8.72 EPS. Research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is 19.91%.

Ameriprise Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer directly owned 11,047 shares of the company's stock, valued at $5,599,613.83. This trade represents a 47.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.73% of the stock is owned by company insiders.

Ameriprise Financial Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.