Ameriprise Financial, Inc. $AMP Position Lifted by Neville Rodie & Shaw Inc.

Key Points

• Neville Rodie & Shaw increased its Ameriprise Financial stake by 4,524.8% in the third quarter, bringing its holdings to 32,651 shares valued at approximately $16.1 million. Institutional investors collectively own 83.95% of AMP’s outstanding stock.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program covering up to 12.3% of its shares.
• AMP shares recently traded near $493, below the analyst consensus price target of $556.80; the stock carries a “Moderate Buy” consensus rating. Ameriprise pays a quarterly dividend of $1.70, equivalent to a 1.4% annual yield.

Neville Rodie & Shaw Inc. raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4,524.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,651 shares of the financial services provider's stock after buying an additional 31,945 shares during the period. Ameriprise Financial comprises 1.1% of Neville Rodie & Shaw Inc.'s investment portfolio, making the stock its 23rd largest position. Neville Rodie & Shaw Inc.'s holdings in Ameriprise Financial were worth $16,076,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AMP. State Street Corp raised its stake in shares of 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 during the period. Envestnet Asset Management Inc. boosted its position in Ameriprise Financial by 960.8% during 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. Dimensional Fund Advisors LP increased its holdings in Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock valued at $455,387,000 after purchasing an additional 19,731 shares in the last quarter. First Trust Advisors LP increased its holdings in Ameriprise Financial by 18.7% in the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider's stock valued at $436,888,000 after purchasing an additional 154,659 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Ameriprise Financial by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider's stock worth $374,920,000 after purchasing an additional 22,819 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, EVP Deirdre Mcgraw sold 2,400 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP traded up $2.25 during mid-day trading on Monday, hitting $493.17. The stock had a trading volume of 192,679 shares, compared to its average volume of 644,566. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market cap of $44.34 billion, a PE ratio of 11.89, a PEG ratio of 0.88 and a beta of 1.16. The company's fifty day simple moving average is $544.14 and its two-hundred day simple moving average is $493.79.

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 the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for 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%.The business's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $9.11 EPS. On average, equities analysts expect that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial declared that its Board of Directors has approved a share buyback program on Tuesday, September 29th that authorizes the company to buyback $5.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AMP. Bank of America reaffirmed a "buy" rating and issued a $570.00 target price on shares of Ameriprise Financial in a research report on Monday. Morgan Stanley boosted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Piper Sandler upped their price target on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Finally, Jefferies Financial Group boosted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ameriprise Financial currently has an average rating of "Moderate Buy" and a consensus target price of $556.80.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.