Castleview Partners LLC Buys 13,627 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Castleview Partners initiated a $6.7 million position in Ameriprise Financial during the third quarter, making AMP its fifth-largest holding. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding estimates, while revenue rose 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 and maintains a quarterly dividend of $1.70, or a 1.4% annual yield.

Castleview Partners LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund purchased 13,627 shares of the financial services provider's stock, valued at approximately $6,709,000. Ameriprise Financial comprises about 2.9% of Castleview Partners LLC's portfolio, making the stock its 5th largest holding.

Several other hedge funds have also bought and sold shares of AMP. Stokes Capital Advisors LLC bought a new position in Ameriprise Financial during the third quarter valued at $202,000. GK Wealth Management LLC purchased a new stake in shares of Ameriprise Financial in the third quarter worth approximately $44,000. Balefire LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $2,370,000. Lincoln Capital LLC purchased a new position in Ameriprise Financial during the 3rd quarter valued at $2,558,000. Finally, Successful Portfolios LLC purchased a new position in Ameriprise Financial during the 3rd quarter valued at $4,992,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president owned 713 shares in the company, valued at $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent analyst reports. Bank of America reaffirmed a "buy" rating and issued a $570.00 price target on shares of Ameriprise Financial in a research note on Monday. Morgan Stanley dropped their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research note on Friday. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Finally, Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial presently has an average rating of "Moderate Buy" and a consensus target price of $558.00.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $500.56 on Friday. The stock has a market capitalization of $45.00 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.02 and a beta of 1.16. The company's fifty day moving average price is $539.41 and its 200 day moving average price is $495.50. 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.

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 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 during the quarter, compared to analysts' expectations of $4.87 billion. During the same period in the prior year, the business posted $9.11 earnings per share. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has approved a stock 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 reacquire up to 12.3% of its shares through open market purchases. Share repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

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

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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