Ameriprise Financial, Inc. $AMP Stock Position Increased by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Ameriprise Financial stake by 392.7% in the third quarter, bringing its holdings to 144,637 shares worth approximately $71.2 million. Institutional investors collectively own 83.95% of AMP.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $572.55, although some firms recently lowered their targets. AMP recently traded at $496.15, below its 50-day moving average.
• Ameriprise reported quarterly EPS of $11.07, exceeding expectations, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program and pays a $1.70 quarterly dividend.

State of Alaska Department of Revenue raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 392.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,637 shares of the financial services provider's stock after acquiring an additional 115,282 shares during the period. Ameriprise Financial makes up 0.7% of State of Alaska Department of Revenue's holdings, making the stock its 23rd largest position. State of Alaska Department of Revenue owned approximately 0.16% of Ameriprise Financial worth $71,212,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in AMP. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter worth about $5,835,000. WealthPlan Investment Management LLC boosted its holdings in shares of Ameriprise Financial by 3.0% in the third quarter. WealthPlan Investment Management LLC now owns 849 shares of the financial services provider's stock valued at $418,000 after acquiring an additional 25 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Ameriprise Financial in the third quarter valued at approximately $4,023,000. Nvwm LLC boosted its holdings in shares of Ameriprise Financial by 3,020.0% in the third quarter. Nvwm LLC now owns 156 shares of the financial services provider's stock valued at $77,000 after acquiring an additional 151 shares in the last quarter. Finally, Viking Fund Management LLC acquired a new position in shares of Ameriprise Financial during the third quarter valued at approximately $6,893,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Activity

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the firm'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 transaction, the executive vice president owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,988 shares of company stock worth $16,316,497. Company insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AMP shares. Argus upped their target price on Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Evercore lowered their price target on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Jefferies Financial Group dropped their price objective on Ameriprise Financial from $645.00 to $638.00 in a research note on Monday. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, BMO Capital Markets cut their price objective on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of "Moderate Buy" and a consensus target price of $572.55.

Ameriprise Financial Trading Up 0.1%

Shares of Ameriprise Financial stock traded up $0.33 on Thursday, reaching $496.15. 169,802 shares of the company were exchanged, compared to its average volume of 637,676. The stock has a fifty day moving average price of $535.87 and a 200-day moving average price of $496.87. The firm has a market capitalization of $44.60 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two 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 the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the prior year, the business posted $9.11 earnings per share. Ameriprise Financial's revenue was up 11.6% compared to the same quarter last year. On average, analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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

Ameriprise Financial Announces Dividend

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

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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.