C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New $4.02 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Prosperity Capital Advisors acquired 8,171 shares of Ameriprise Financial worth approximately $4.02 million during the third quarter. Institutional investors collectively own 83.95% of AMP’s outstanding shares.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also maintains a $6.80 annual dividend and authorized a $5.50 billion share-repurchase program.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $572.55, although recent targets have been mixed. AMP opened at $496.19, below its 50-day moving average of $535.87.

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,171 shares of the financial services provider's stock, valued at approximately $4,023,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMP. State Street Corp lifted its position in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after buying an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. boosted its stake in Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after buying an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the 3rd quarter valued at about $925,211,000. Douglas Lane & Associates LLC purchased a new stake in Ameriprise Financial in the 3rd quarter valued at about $575,767,000. Finally, Fort Washington Investment Advisors Inc. OH purchased a new stake in Ameriprise Financial in the 3rd quarter valued at about $530,290,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

AMP stock opened at $496.19 on Thursday. The firm has a market cap of $44.61 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The stock has a 50-day simple moving average of $535.87 and a 200-day simple moving average of $496.87.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The company 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%. Ameriprise Financial's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $9.11 earnings per share. On average, equities analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given 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 dividend payout ratio (DPR) is presently 16.40%.

Ameriprise Financial announced that its Board of Directors has authorized a share buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

AMP has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price objective on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a report on Friday, October 2nd. Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Jefferies Financial Group reduced their target price on Ameriprise Financial from $645.00 to $638.00 in a report on Monday. Argus boosted their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

Insider Activity at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% 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, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was 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 represents a 66.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

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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