Ameriprise Financial, Inc. $AMP Stock: Mather Group LLC. Raises Position

Key Points

• Mather Group LLC increased its Ameriprise Financial stake by 1,153.9% in the third quarter, while institutional investors and hedge funds collectively own 83.95% of AMP shares.
• Analysts maintain a consensus “Moderate Buy” rating with a $572.55 price target, although several firms recently lowered their targets; AMP opened at $496.19, below its 12-month high of $572.56.
• Ameriprise exceeded quarterly earnings expectations with $11.07 EPS and $4.90 billion in revenue, and authorized a $5.5 billion share-buyback program alongside its $1.70 quarterly dividend.

Mather Group LLC. lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1,153.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,905 shares of the financial services provider's stock after buying an additional 16,477 shares during the quarter. Mather Group LLC.'s holdings in Ameriprise Financial were worth $8,816,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State Street Corp raised its stake in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock valued at $1,537,817,000 after acquiring an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the third quarter valued at $925,211,000. Douglas Lane & Associates LLC purchased a new stake in Ameriprise Financial in the third quarter valued at $575,767,000. Finally, Dimensional Fund Advisors LP lifted its position in Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock valued at $455,387,000 after acquiring an additional 19,731 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. BMO Capital Markets decreased their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research note on Tuesday, October 6th. Evercore cut their target price on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Bank of America reiterated a "buy" rating and set a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. The Goldman Sachs Group reduced their target price on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Finally, Morgan Stanley reduced their target price on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, 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 transaction of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company's stock.

Ameriprise Financial Price Performance

AMP stock opened at $496.19 on Thursday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.97, a PEG ratio of 1.01 and a beta of 1.16. The business has a 50 day simple moving average of $535.87 and a 200-day simple moving average of $496.87. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month 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 business 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 period in the previous year, the company posted $9.11 EPS. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid 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 currently 16.40%.

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

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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