Ameriprise Financial, Inc. $AMP Position Increased by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors LLC increased its Ameriprise Financial position by 2,691.6% in the third quarter, bringing its holdings to 45,028 shares valued at approximately $22.17 million. Institutional investors collectively own 83.95% of the company.
• Analysts maintain a generally positive outlook, with Ameriprise carrying a consensus “Moderate Buy” rating and an average price target of $572.55, despite several recent price-target reductions.
• Ameriprise authorized a $5.5 billion stock-repurchase program, allowing it to buy back up to 12.3% of outstanding shares. The company also pays a quarterly dividend of $1.70, equivalent to a 1.4% annual yield.

Frank Rimerman Advisors LLC boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2,691.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 45,028 shares of the financial services provider's stock after purchasing an additional 43,415 shares during the period. Ameriprise Financial makes up 1.2% of Frank Rimerman Advisors LLC's investment portfolio, making the stock its 17th largest holding. Frank Rimerman Advisors LLC owned about 0.05% of Ameriprise Financial worth $22,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Neville Rodie & Shaw Inc. increased its stake in Ameriprise Financial by 4,524.8% in the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider's stock valued at $16,076,000 after buying an additional 31,945 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in Ameriprise Financial during the 3rd quarter worth $4,162,000. Ballew Advisors Inc purchased a new position in Ameriprise Financial during the 3rd quarter worth $4,112,000. EP Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth $1,704,000. Finally, Venture Visionary Partners LLC lifted its stake in shares of Ameriprise Financial by 701.7% in the 3rd quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider's stock worth $60,948,000 after acquiring an additional 108,348 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMP. Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Jefferies Financial Group dropped their price target on shares of Ameriprise Financial from $645.00 to $638.00 in a research note on Monday, October 12th. The Goldman Sachs Group cut their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Finally, Royal Bank Of Canada raised their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

Ameriprise Financial Trading Down 0.3%

Shares of Ameriprise Financial stock opened at $500.91 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $45.03 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The company has a 50-day moving average of $533.72 and a two-hundred day moving average of $497.36.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company 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 company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $9.11 EPS. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS 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 paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio (DPR) is presently 16.40%.

Ameriprise Financial declared that its board has initiated a stock repurchase program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Share buyback programs are typically an indication that the company's board believes its shares are undervalued.

Insider Transactions at Ameriprise Financial

In related news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company's stock.

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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