Ameriprise Financial, Inc. $AMP Shares Newly Purchased by XY Planning Network Inc.

Key Points

• XY Planning Network purchased 5,819 Ameriprise Financial shares worth approximately $2.9 million during the third quarter, while institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The board also authorized a $5.5 billion share-buyback program covering up to 12.3% of outstanding shares.
• AMP shares opened at $493.03, down 1.4%, and analysts maintain a “Moderate Buy” consensus rating with an average price target of $572.55; however, insiders sold nearly $16.3 million of stock over the past 90 days.

XY Planning Network Inc. purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,819 shares of the financial services provider's stock, valued at approximately $2,865,000.

Other institutional investors have also recently made changes to their positions in the company. Neville Rodie & Shaw Inc. grew its position in shares of Ameriprise Financial by 4,524.8% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider's stock valued at $16,076,000 after acquiring an additional 31,945 shares during the period. Canandaigua National Bank & Trust Co. bought a new position in Ameriprise Financial in the 3rd quarter worth $4,162,000. Ballew Advisors Inc bought a new position in Ameriprise Financial in the 3rd quarter worth $4,112,000. EP Wealth Advisors LLC purchased a new position in Ameriprise Financial during the second quarter valued at $1,704,000. Finally, Venture Visionary Partners LLC lifted its position in 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 valued at $60,948,000 after purchasing an additional 108,348 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Insiders Place Their Bets

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the company's 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 directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. Insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Down 1.4%

Shares of AMP stock opened at $493.03 on Wednesday. The company has a market capitalization of $44.32 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company's fifty day moving average price is $537.16 and its 200-day moving average price is $496.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

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 for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company 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%. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.11 EPS. Sell-side analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a stock buyback 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Wall Street Analyst Weigh In

AMP has been the subject of several recent research reports. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Argus raised their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Bank of America reaffirmed a "buy" rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. BMO Capital Markets lowered their price objective 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. Finally, Morgan Stanley lowered their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research report on Friday, October 9th. One 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

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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