Ameriprise Financial, Inc. $AMP Shares Bought by IFP Advisors Inc

Key Points

• IFP Advisors increased its Ameriprise Financial stake by 1,018.7% in the third quarter, bringing its holdings to 13,726 shares valued at approximately $6.8 million. Institutional investors and hedge funds collectively own 83.95% of AMP shares.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $572.55, although several firms recently lowered their targets. Ameriprise also authorized a $5.5 billion share buyback, allowing repurchases of up to 12.3% of outstanding shares.
• Ameriprise beat quarterly earnings expectations, reporting $11.07 in EPS and $4.90 billion in revenue, up 11.6% year over year. Meanwhile, insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

IFP Advisors Inc raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,018.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,726 shares of the financial services provider's stock after buying an additional 12,499 shares during the quarter. IFP Advisors Inc's holdings in Ameriprise Financial were worth $6,758,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Twin Lakes Capital Management LLC acquired a new stake in shares of Ameriprise Financial during the second quarter valued at approximately $25,000. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial in the 1st quarter worth approximately $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial in the 2nd quarter worth approximately $28,000. Fiduciary Financial Advisors acquired a new position in Ameriprise Financial in the 2nd quarter worth approximately $30,000. Finally, Daytona Street Capital LLC purchased a new position in Ameriprise Financial during the 3rd quarter worth approximately $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on AMP shares. Keefe, Bruyette & Woods boosted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Jefferies Financial Group lowered their price target on Ameriprise Financial from $645.00 to $638.00 in a report on Monday, October 12th. The Goldman Sachs Group lowered their price target on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a report on Friday, October 2nd. Finally, BMO Capital Markets dropped their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $572.55.

Insider Activity at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Walter Berman sold 11,012 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by insiders.

Ameriprise Financial Stock Performance

Shares of AMP opened at $500.91 on Monday. The company's 50 day moving average price is $533.72 and its 200 day moving average price is $497.78. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a market capitalization of $45.03 billion, a PE ratio of 12.08, a PEG ratio of 1.03 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $9.11 EPS. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts expect 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 stock buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and 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.