Ameriprise Financial, Inc. $AMP Stock: Avior Wealth Management LLC Boosts Stake

Key Points

• Avior Wealth Management increased its Ameriprise Financial stake by 869.5% in the third quarter, bringing its holdings to 9,443 shares valued at approximately $4.65 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program and maintains a $1.70 quarterly dividend.
• AMP shares opened at $493.03, below the analyst consensus price target of $572.55; analysts overall rate the stock “Moderate Buy.” Meanwhile, insiders sold nearly 30,000 shares worth approximately $16.3 million over the past three months.

Avior Wealth Management LLC grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 869.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,443 shares of the financial services provider's stock after buying an additional 8,469 shares during the period. Avior Wealth Management LLC's holdings in Ameriprise Financial were worth $4,649,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in AMP. Rexford Capital Inc. raised its stake in shares of Ameriprise Financial by 19.5% in the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock valued at $65,000 after purchasing an additional 24 shares in the last quarter. North Dakota State Investment Board boosted its stake in Ameriprise Financial by 0.9% during the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider's stock worth $1,246,000 after buying an additional 24 shares in the last quarter. HBK Sorce Advisory LLC boosted its stake in Ameriprise Financial by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock worth $409,000 after buying an additional 24 shares in the last quarter. Fulton Bank N.A. boosted its stake in Ameriprise Financial by 0.4% during the second quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider's stock worth $3,068,000 after buying an additional 25 shares in the last quarter. Finally, Revolve Wealth Partners LLC increased its holdings in Ameriprise Financial by 5.0% in the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider's stock valued at $243,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Down 1.4%

Shares of NYSE:AMP opened at $493.03 on Wednesday. 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 company's fifty day moving average is $537.16 and its 200-day moving average is $496.54. The company has a market capitalization of $44.32 billion, a PE ratio of 11.89, a P/E/G ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results 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 for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the firm earned $9.11 EPS. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 29th that allows the company to buy back $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Evercore dropped their price objective on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Royal Bank Of Canada lifted their target price on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. The Goldman Sachs Group lowered their target price on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research note on Friday, October 2nd. Jefferies Financial Group dropped their price target on shares of Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. Finally, Raymond James Financial raised their price target on shares of Ameriprise Financial from $582.00 to $638.00 and gave the stock a "strong-buy" rating in a research note on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $572.55.

Insider Activity

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the 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 directly owned 3,373 shares in the company, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by insiders.

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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