Cantor Fitzgerald Investment Advisors L.P. Makes New Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Cantor Fitzgerald Investment Advisors acquired 399,655 Ameriprise Financial shares worth approximately $196.8 million, making AMP its largest holding at 10.8% of the portfolio. Institutional investors collectively own 83.95% of the company.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $572.55. Recent targets range from $524 to $590, while Ameriprise’s latest quarterly earnings and revenue exceeded expectations.
• Ameriprise authorized a $5.5 billion share-repurchase program, allowing it to buy back up to 12.3% of outstanding shares, and pays a quarterly dividend of $1.70, equivalent to a 1.4% annualized yield.

Cantor Fitzgerald Investment Advisors L.P. bought 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 Form 13F filing with the Securities and Exchange Commission. The firm bought 399,655 shares of the financial services provider's stock, valued at approximately $196,770,000. Ameriprise Financial makes up about 10.8% of Cantor Fitzgerald Investment Advisors L.P.'s holdings, making the stock its biggest holding. Cantor Fitzgerald Investment Advisors L.P. owned 0.44% of Ameriprise Financial as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of AMP. Rexford Capital Inc. grew its position in shares of Ameriprise Financial by 19.5% during the 1st quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock valued at $65,000 after acquiring an additional 24 shares during the period. North Dakota State Investment Board raised its position in shares of Ameriprise Financial by 0.9% in the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider's stock valued at $1,246,000 after purchasing an additional 24 shares during the period. HBK Sorce Advisory LLC boosted its holdings in shares of Ameriprise Financial by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock worth $409,000 after acquiring an additional 24 shares during the period. Fulton Bank N.A. raised its stake in shares of Ameriprise Financial by 0.4% during the 2nd quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider's stock valued at $3,068,000 after purchasing an additional 25 shares during the period. Finally, Revolve Wealth Partners LLC boosted its stake in Ameriprise Financial by 5.0% in the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider's stock worth $243,000 after purchasing an additional 25 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

AMP has been the topic of several research analyst reports. Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. The Goldman Sachs Group decreased their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a report on Friday, October 2nd. Bank of America restated a "buy" rating and set a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Finally, Argus boosted their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $572.55.

Ameriprise Financial Trading Up 1.3%

NYSE:AMP opened at $502.32 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company's 50-day simple moving average is $534.72 and its 200 day simple moving average is $497.33. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The firm has a market capitalization of $45.16 billion, a P/E ratio of 12.12, a PEG ratio of 1.02 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its 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 firm had revenue of $4.90 billion for 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%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $9.11 earnings per share. As a group, analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial's dividend payout ratio (DPR) is 16.40%.

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

Insider Activity

In other news, CFO Walter Berman sold 11,012 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by 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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