Ameriprise Financial, Inc. $AMP Stock Bought by Avidian Wealth Enterprises LLC

Key Points

• Avidian Wealth Enterprises increased its Ameriprise Financial stake by 8,475.6% in the third quarter, reaching 42,106 shares valued at approximately $20.7 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, 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 plan, covering up to 12.3% of outstanding shares.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $559.80 target price, despite mixed revisions. AMP shares recently traded at $498.06, while insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

Avidian Wealth Enterprises LLC boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 8,475.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,106 shares of the financial services provider's stock after purchasing an additional 41,615 shares during the quarter. Avidian Wealth Enterprises LLC's holdings in Ameriprise Financial were worth $20,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Twin Lakes Capital Management LLC bought a new stake in shares of Ameriprise Financial during the 2nd quarter worth $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial during the second quarter valued at about $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ameriprise Financial during the first quarter valued at about $28,000. Fiduciary Financial Advisors bought a new stake in Ameriprise Financial during the second quarter worth about $30,000. Finally, Retirement Wealth Solutions LLC lifted its stake in Ameriprise Financial by 7,300.0% during the third quarter. Retirement Wealth Solutions LLC now owns 74 shares of the financial services provider's stock worth $36,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Insider Activity

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the firm's stock in a transaction 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 sale, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This trade represents a 39.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

AMP has been the topic of several recent research reports. BMO Capital Markets reduced 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. Zacks Research downgraded Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Bank of America reaffirmed a "buy" rating and issued a $570.00 target price on shares of Ameriprise Financial in a research note on Monday. Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. One research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $559.80.

Ameriprise Financial Trading Up 1.5%

Shares of NYSE AMP traded up $7.50 during midday trading on Thursday, reaching $498.06. The company had a trading volume of 172,831 shares, compared to its average volume of 642,558. The stock has a market cap of $44.78 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.02 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 firm's fifty day moving average price is $541.26 and its 200-day moving average price is $495.04. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

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, topping the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for 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%.Ameriprise Financial's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the company earned $9.11 EPS. On average, equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 29th that allows the company to buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

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 issued a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is currently 16.40%.

Ameriprise Financial Company 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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