Ameriprise Financial, Inc. $AMP Stock Bought by MassMutual Private Wealth & Trust FSB

Key Points

• MassMutual Private Wealth & Trust FSB increased its Ameriprise Financial stake by 77.3% in the third quarter, acquiring 52,806 additional shares and bringing its holdings to 121,161 shares worth approximately $59.7 million.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share buyback and pays an annualized dividend of $6.80 per share.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus rating of “Hold” and an average price target of $555.33; insiders have sold nearly $16.3 million worth of shares over the past 90 days.

MassMutual Private Wealth & Trust FSB lifted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 77.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,161 shares of the financial services provider's stock after acquiring an additional 52,806 shares during the period. Ameriprise Financial makes up 1.5% of MassMutual Private Wealth & Trust FSB's portfolio, making the stock its 13th biggest position. MassMutual Private Wealth & Trust FSB owned about 0.13% of Ameriprise Financial worth $59,654,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. SouthState Bank Corp increased its holdings in Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 22 shares in the last quarter. Twin Lakes Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the second quarter worth about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the first quarter valued at about $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in shares of Ameriprise Financial in the second quarter valued at about $30,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Up 0.1%

NYSE AMP opened at $491.45 on Monday. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. 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 company has a market capitalization of $44.18 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 0.88 and a beta of 1.16. The company's fifty day moving average price is $544.14 and its two-hundred day moving average price is $493.79.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced 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. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $9.11 EPS. As a group, research analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share buyback program 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 repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Insider Transactions at Ameriprise Financial

In other news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on AMP shares. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday, July 10th. Zacks Research cut shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Jefferies Financial Group upped their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Finally, Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $555.33.

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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