Bank & Trust Co Increases Position in Ameriprise Financial, Inc. $AMP

Key Points

• Bank & Trust Co. increased its Ameriprise Financial stake by 57,991.2% in the third quarter, holding 33,112 shares worth approximately $16.3 million. Institutional investors collectively own 83.95% of AMP.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $559.80 average price target, compared with the reported share price of $491.18.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 in EPS and $4.90 billion in revenue, while approving a $5.5 billion share-repurchase authorization and maintaining a $1.70 quarterly dividend.

Bank & Trust Co increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 57,991.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,112 shares of the financial services provider's stock after purchasing an additional 33,055 shares during the quarter. Ameriprise Financial makes up about 8.1% of Bank & Trust Co's investment portfolio, making the stock its 2nd biggest holding. Bank & Trust Co's holdings in Ameriprise Financial were worth $16,303,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. PFW Advisors LLC bought a new stake in Ameriprise Financial during the 3rd quarter worth about $2,449,000. American National Bank & Trust boosted its stake in shares of Ameriprise Financial by 570.3% during the 3rd quarter. American National Bank & Trust now owns 429 shares of the financial services provider's stock worth $211,000 after buying an additional 365 shares during the last quarter. Weaver Consulting Group bought a new position in shares of Ameriprise Financial in the 3rd quarter valued at about $220,000. Iowa State Bank bought a new position in shares of Ameriprise Financial in the 3rd quarter valued at about $31,154,000. Finally, Ballew Advisors Inc acquired a new stake in shares of Ameriprise Financial in the third quarter valued at about $4,112,000. Institutional investors own 83.95% of the company's stock.

Insiders Place Their Bets

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial 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 completion of the transaction, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the company's 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. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last quarter. Insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AMP shares. Piper Sandler upped their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Morgan Stanley raised their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research note on Friday, July 10th. BMO Capital Markets lowered their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research report on Tuesday. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Finally, Keefe, Bruyette & Woods increased their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $559.80.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $5.43 on Wednesday, reaching $491.18. The stock had a trading volume of 156,271 shares, compared to its average volume of 643,631. 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 firm's 50-day moving average is $542.29 and its two-hundred day moving average is $494.64. The firm has a market capitalization of $44.16 billion, a price-to-earnings ratio of 11.84, a P/E/G ratio of 0.89 and a beta of 1.16. 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 posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted $9.11 earnings per share. On average, research analysts expect that Ameriprise Financial, Inc. will post 46.19 EPS for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has approved a share buyback 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

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