Avaii Wealth Management LLC Buys 4,931 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Avaii Wealth Management bought 4,931 shares of Ameriprise Financial worth approximately $2.43 million, while institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, with revenue rising 11.6% year over year to $4.90 billion.
• The company authorized a $5.5 billion share-repurchase program covering up to 12.3% of outstanding shares; analysts maintain a “Moderate Buy” consensus with a $558 target price.

Avaii Wealth Management LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,931 shares of the financial services provider's stock, valued at approximately $2,428,000. Ameriprise Financial accounts for approximately 0.7% of Avaii Wealth Management LLC's investment portfolio, making the stock its 29th largest holding.

Several other hedge funds have also recently modified their holdings of AMP. Riversedge Advisors LLC purchased a new stake in shares of Ameriprise Financial during the 3rd quarter valued at approximately $239,000. Wedmont Private Capital grew its position in Ameriprise Financial by 537.4% in the third quarter. Wedmont Private Capital now owns 22,780 shares of the financial services provider's stock worth $11,216,000 after acquiring an additional 19,206 shares during the period. Lawood & Co. acquired a new stake in Ameriprise Financial during the third quarter worth $11,636,000. Douglas Lane & Associates LLC acquired a new stake in Ameriprise Financial during the third quarter worth $575,767,000. Finally, Dakota Community Bank & Trust NA raised its position in Ameriprise Financial by 413.9% in the third quarter. Dakota Community Bank & Trust NA now owns 5,026 shares of the financial services provider's stock valued at $2,475,000 after purchasing an additional 4,048 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Trading Up 0.3%

Ameriprise Financial stock traded up $1.48 during midday trading on Friday, reaching $500.56. 487,136 shares of the stock traded hands, compared to its average volume of 643,844. The firm has a market cap of $45.00 billion, a PE ratio of 12.07, 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. The company has a 50-day simple moving average of $540.34 and a two-hundred day simple moving average of $495.47. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the firm earned $9.11 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm 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. 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 16.40%.

Ameriprise Financial announced that its board has initiated a share repurchase plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMP. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Bank of America reiterated a "buy" rating and set a $570.00 price target on shares of Ameriprise Financial in a research report on Monday. Morgan Stanley reduced their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research note on Friday. Finally, BMO Capital Markets decreased their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ameriprise Financial has an average rating of "Moderate Buy" and a consensus target price of $558.00.

Insider Buying and Selling at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction 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 owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This trade represents a 54.77% 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. 0.60% of the stock is currently owned by corporate insiders.

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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