Ameriprise Financial, Inc. $AMP Stock: Walker Asset Management LLC Raises Stake

Key Points

• Walker Asset Management increased its Ameriprise Financial stake by 816.1% in the third quarter to 5,066 shares valued at approximately $2.49 million. Institutional investors collectively own 83.95% of AMP’s outstanding shares.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $572.55, despite mixed target revisions from major brokerages.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, and authorized a $5.5 billion share-repurchase program. It also maintains a quarterly dividend of $1.70 per share, or $6.80 annually.

Walker Asset Management LLC boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 816.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,066 shares of the financial services provider's stock after buying an additional 4,513 shares during the period. Ameriprise Financial accounts for approximately 1.2% of Walker Asset Management LLC's investment portfolio, making the stock its 14th largest holding. Walker Asset Management LLC's holdings in Ameriprise Financial were worth $2,494,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in AMP. Forvis Mazars Wealth Advisors LLC lifted its position in Ameriprise Financial by 268.8% in the 3rd quarter. Forvis Mazars Wealth Advisors LLC now owns 16,343 shares of the financial services provider's stock valued at $8,046,000 after purchasing an additional 11,912 shares during the last quarter. Courier Capital LLC grew its position in Ameriprise Financial by 52.9% in the 3rd quarter. Courier Capital LLC now owns 4,960 shares of the financial services provider's stock worth $2,442,000 after purchasing an additional 1,715 shares during the last quarter. First County Bank CT grew its position in Ameriprise Financial by 660.7% in the 3rd quarter. First County Bank CT now owns 12,529 shares of the financial services provider's stock worth $6,169,000 after purchasing an additional 10,882 shares during the last quarter. Fragasso Financial Advisors Inc bought a new position in Ameriprise Financial in the 3rd quarter worth about $209,000. Finally, NorthCrest Asset Manangement LLC grew its position in Ameriprise Financial by 85.8% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 10,423 shares of the financial services provider's stock worth $5,132,000 after purchasing an additional 4,812 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on AMP. Piper Sandler raised their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. The Goldman Sachs Group reduced their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a research report on Friday, October 2nd. Argus increased their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $493.03 on Wednesday. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The firm's 50-day simple moving average is $537.16 and its 200 day simple moving average is $496.54. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $44.32 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted 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 business had revenue of $4.90 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.11 earnings per share. Equities analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

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

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

Insider Activity at Ameriprise Financial

In other news, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. Corporate 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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