Ameriprise Financial, Inc. $AMP Stake Lifted by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management increased its Ameriprise Financial stake by 85.8% in the third quarter to 10,423 shares valued at approximately $5.13 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion stock buyback and pays a $1.70 quarterly dividend.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $572.55, while recent insider activity was predominantly selling, including nearly 30,000 shares sold over the past three months.

NorthCrest Asset Manangement LLC raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 85.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 10,423 shares of the financial services provider's stock after purchasing an additional 4,812 shares during the period. NorthCrest Asset Manangement LLC's holdings in Ameriprise Financial were worth $5,132,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AMP. Avior Wealth Management LLC increased its holdings in shares of Ameriprise Financial by 869.5% in the 3rd quarter. Avior Wealth Management LLC now owns 9,443 shares of the financial services provider's stock valued at $4,649,000 after acquiring an additional 8,469 shares during the period. Perpetual Ltd purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth $242,000. HF Advisory Group LLC purchased a new position in Ameriprise Financial in the third quarter valued at about $35,758,000. Armstrong Advisory Group Inc. raised its holdings in Ameriprise Financial by 277.9% in the third quarter. Armstrong Advisory Group Inc. now owns 873 shares of the financial services provider's stock worth $430,000 after purchasing an additional 642 shares in the last quarter. Finally, Marquette Asset Management LLC increased its position in shares of Ameriprise Financial by 2,650.0% during the third quarter. Marquette Asset Management LLC now owns 165 shares of the financial services provider's stock worth $81,000 after purchasing an additional 159 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP opened at $493.03 on Wednesday. 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. The stock has a market capitalization of $44.32 billion, a PE ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. The stock has a 50-day simple moving average of $537.16 and a 200-day simple moving average of $496.54.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping 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 business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the firm earned $9.11 EPS. The company's revenue was up 11.6% compared to the same quarter last year. On average, analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

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

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given 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 dividend payout ratio is presently 16.40%.

Insiders Place Their Bets

In related news, insider William Williams sold 8,210 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were 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 owned 6,780 shares of the company's stock, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AMP. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. Evercore decreased their price target on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. BMO Capital Markets dropped their price target on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 6th. Argus lifted their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada increased their price target on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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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