Ameriprise Financial, Inc. $AMP Shares Newly Acquired by Canandaigua National Trust Co of Florida

Key Points

• Canandaigua National Trust Co. of Florida acquired 7,484 Ameriprise shares worth approximately $3.7 million, making AMP its 10th-largest holding at 2.1% of the portfolio. Institutional investors collectively own 83.95% of the company.
• Analyst sentiment remains positive but mixed: Ameriprise has a consensus rating of “Moderate Buy” and an average price target of $559.80, while some firms recently lowered ratings or price targets.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, and announced a $5.5 billion share-repurchase authorization. The company also pays a $1.70 quarterly dividend, equivalent to a 1.4% yield.

Canandaigua National Trust Co of Florida acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,484 shares of the financial services provider's stock, valued at approximately $3,685,000. Ameriprise Financial comprises approximately 2.1% of Canandaigua National Trust Co of Florida's holdings, making the stock its 10th biggest position.

Other large investors also recently bought and sold shares of the company. EP Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial during the 2nd quarter valued at approximately $1,704,000. Neville Rodie & Shaw Inc. boosted its holdings in Ameriprise Financial by 4,524.8% in the third quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider's stock worth $16,076,000 after purchasing an additional 31,945 shares during the period. Ballew Advisors Inc acquired a new position in Ameriprise Financial in the third quarter worth $4,112,000. Iowa State Bank bought a new stake in Ameriprise Financial during the third quarter valued at $31,154,000. Finally, KBC Group NV increased its stake in Ameriprise Financial by 43.7% during the second quarter. KBC Group NV now owns 215,126 shares of the financial services provider's stock valued at $98,691,000 after purchasing an additional 65,400 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on AMP. 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. BMO Capital Markets lowered their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research report on Tuesday. Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Piper Sandler raised their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Ameriprise Financial currently has an average rating of "Moderate Buy" and a consensus target price of $559.80.

Ameriprise Financial Stock Performance

Shares of AMP traded down $6.85 during midday trading on Wednesday, hitting $489.76. 432,420 shares of the stock traded hands, compared to its average volume of 645,109. The business's 50 day moving average price is $542.29 and its two-hundred day moving average price is $494.64. The firm has a market capitalization of $44.03 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.89 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, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

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, topping analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $9.11 EPS. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.19 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its board has authorized a stock repurchase program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Walter Berman sold 11,012 shares of the business'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 completion of the transaction, the chief financial officer directly owned 5,609 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Also, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider directly owned 6,780 shares of the company's stock, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Company 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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

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.