Ameriprise Financial, Inc. $AMP Shares Newly Acquired by Three Magnolias Financial Advisors LLC

Key Points

• Three Magnolias Financial Advisors LLC acquired 6,900 Ameriprise Financial shares worth approximately $3.4 million, making AMP about 2% of its portfolio. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• The company authorized a $5.5 billion share-repurchase program and maintains a quarterly dividend of $1.70 per share, equivalent to a 1.4% yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $572.55.

Three Magnolias Financial Advisors LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,900 shares of the financial services provider's stock, valued at approximately $3,397,000. Ameriprise Financial comprises about 2.0% of Three Magnolias Financial Advisors LLC's investment portfolio, making the stock its 16th largest position.

Other hedge funds have also recently modified their holdings of the company. Twin Lakes Capital Management LLC purchased a new stake in Ameriprise Financial during the 2nd quarter worth approximately $25,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Ameriprise Financial in the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial in the second quarter valued at approximately $28,000. Fiduciary Financial Advisors purchased a new position in shares of Ameriprise Financial in the second quarter valued at approximately $30,000. Finally, Evolution Wealth Management Inc. acquired a new stake in shares of Ameriprise Financial in the first quarter worth approximately $34,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Price Performance

AMP traded down $0.56 during trading on Wednesday, reaching $492.76. The company's stock had a trading volume of 137,353 shares, compared to its average volume of 638,401. 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 firm has a fifty day simple moving average of $537.16 and a two-hundred day simple moving average of $496.54. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a market cap of $44.30 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.03 and a beta of 1.16.

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 business had revenue of $4.90 billion during 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 business earned $9.11 earnings per share. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio is currently 16.40%.

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

Wall Street Analysts Forecast Growth

AMP has been the subject of several research reports. Evercore dropped their price target on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Jefferies Financial Group decreased their price objective on Ameriprise Financial from $645.00 to $638.00 in a report on Monday. Raymond James Financial raised their price objective on Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a report on Friday, August 21st. Bank of America reaffirmed a "buy" rating and set a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Finally, BMO Capital Markets dropped their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $572.55.

Insider Activity

In other news, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were 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 $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. Company insiders own 0.60% of the company's stock.

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.

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