Ameriprise Financial, Inc. $AMP Shares Newly Acquired by Gradient Investments LLC

Key Points

• Gradient Investments acquired 7,611 Ameriprise Financial shares worth approximately $3.75 million in the third quarter. Institutional investors and hedge funds collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase plan covering up to 12.3% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $558.67, while the stock recently traded at $498.80. Ameriprise also pays a quarterly dividend of $1.70, equivalent to a 1.4% yield.

Gradient Investments LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,611 shares of the financial services provider's stock, valued at approximately $3,747,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AMP. Avidian Wealth Enterprises LLC grew its holdings in Ameriprise Financial by 8,475.6% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 42,106 shares of the financial services provider's stock worth $20,731,000 after acquiring an additional 41,615 shares during the last quarter. Toth Financial Advisory Corp raised its stake in shares of Ameriprise Financial by 53,665.7% during the third quarter. Toth Financial Advisory Corp now owns 18,818 shares of the financial services provider's stock valued at $9,265,000 after acquiring an additional 18,783 shares during the last quarter. Applied Capital LLC FL bought a new position in shares of Ameriprise Financial during the third quarter valued at $14,919,000. Venture Visionary Partners LLC lifted its holdings in shares of Ameriprise Financial by 701.7% during the third quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider's stock worth $60,948,000 after purchasing an additional 108,348 shares during the period. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of Ameriprise Financial by 3,166.7% during the third quarter. Elevation Wealth Partners LLC now owns 784 shares of the financial services provider's stock worth $386,000 after purchasing an additional 760 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Trading Up 1.7%

NYSE:AMP opened at $498.80 on Friday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The firm's fifty day moving average is $540.34 and its 200-day moving average is $495.47. The firm has a market cap of $44.84 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results 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 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%. Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $9.11 earnings per share. Equities analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

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

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date of this dividend 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 16.40%.

Insiders Place Their Bets

In related news, insider William Williams sold 8,210 shares of the firm's stock in a transaction that occurred 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 $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 SEC, which is available at the SEC website. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 713 shares of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock worth $16,316,497 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on AMP. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Finally, Bank of America restated a "buy" rating and set a $570.00 price objective on shares of Ameriprise Financial in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $558.67.

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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