Ameriprise Financial, Inc. $AMP Shares Newly Purchased by Eastover Investment Advisors LLC

Eastover Investment Advisors LLC acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,481 shares of the financial services provider's stock, valued at approximately $6,637,000. Ameriprise Financial comprises about 2.8% of Eastover Investment Advisors LLC's portfolio, making the stock its 18th largest holding.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp raised its holdings in shares of Ameriprise Financial by 1,279.7% during the second 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 in the last quarter. Envestnet Asset Management Inc. raised its holdings in Ameriprise Financial by 960.8% in 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $455,387,000 after purchasing an additional 19,731 shares during the period. First Trust Advisors LP boosted its stake in shares of Ameriprise Financial by 18.7% during 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 boosted its stake in shares of Ameriprise Financial by 2.9% during the 2nd 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 valued at $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.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AMP shares. Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Jefferies Financial Group upped their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Bank of America reissued a "buy" rating and issued a $570.00 target price on shares of Ameriprise Financial in a research report on Monday. Keefe, Bruyette & Woods raised 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. Finally, Morgan Stanley lifted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $556.80.

Insider Buying and Selling

In other news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was 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 of the company's stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 Up 0.4%

AMP traded up $1.75 during midday trading on Monday, reaching $492.67. The company's stock had a trading volume of 178,763 shares, compared to its average volume of 644,516. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The stock's 50-day moving average is $544.14 and its 200-day moving average is $493.79. The firm has a market capitalization of $44.29 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 0.88 and a beta of 1.16. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its 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. 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 during the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the business earned $9.11 earnings per share. The business's revenue was up 11.6% on a year-over-year basis. As a group, research analysts expect that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its Board of Directors has initiated a stock repurchase program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

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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