Ameriprise Financial, Inc. $AMP Stock Bought by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors LLC increased its Ameriprise Financial stake by 4,588.6% in the third quarter, bringing its holdings to 114,824 shares valued at approximately $56.5 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 authorized a $5.5 billion share-repurchase plan covering up to 12.3% of outstanding shares and pays an annualized dividend of $6.80 per share, yielding about 1.4%. Analysts maintain a “Moderate Buy” consensus with an average price target of $559.80.

Farther Finance Advisors LLC raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4,588.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,824 shares of the financial services provider's stock after acquiring an additional 112,375 shares during the quarter. Farther Finance Advisors LLC owned about 0.13% of Ameriprise Financial worth $56,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the stock. CoreCap Advisors LLC grew its holdings in shares of Ameriprise Financial by 1,901.6% during the third quarter. CoreCap Advisors LLC now owns 1,281 shares of the financial services provider's stock worth $631,000 after purchasing an additional 1,217 shares in the last quarter. Artemis Investment Management LLP bought a new stake in Ameriprise Financial during the third quarter worth about $925,211,000. Apella Capital LLC lifted its position in Ameriprise Financial by 5,744.3% in the 3rd quarter. Apella Capital LLC now owns 48,975 shares of the financial services provider's stock worth $24,113,000 after buying an additional 48,137 shares during the last quarter. Everhart Financial Group Inc. raised its stake in shares of Ameriprise Financial by 1,165.1% during the third quarter. Everhart Financial Group Inc. now owns 6,300 shares of the financial services provider's stock worth $3,102,000 after acquiring an additional 5,802 shares in the last quarter. Finally, Gradient Investments LLC bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth approximately $3,747,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 1.7%

AMP stock traded up $8.24 during midday trading on Thursday, hitting $498.80. The stock had a trading volume of 557,595 shares, compared to its average volume of 644,656. The business has a 50-day moving average of $541.26 and a two-hundred day moving average of $495.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $44.84 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The firm 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%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.11 EPS. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced 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 of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is currently 16.40%.

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

Analyst Ratings Changes

A number of equities analysts recently commented on AMP shares. BMO Capital Markets decreased their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research report on Tuesday. Morgan Stanley raised their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research report on Friday, July 10th. Piper Sandler lifted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Bank of America restated a "buy" rating and set a $570.00 price target on shares of Ameriprise Financial in a report on Monday. Finally, Zacks Research cut shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. One 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $559.80.

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the business'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 value of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. The trade was a 41.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Dawn Brockman sold 472 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president directly owned 713 shares of the company's stock, valued at approximately $398,517.09. This trade represents a 39.83% 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 valued at $16,316,497 over the last ninety days. Company insiders own 0.60% of the company's stock.

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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