First Citizens Bank & Trust Co. Purchases 90,678 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• First Citizens Bank & Trust Co. increased its Ameriprise Financial stake by 5,429.8% in the third quarter, purchasing 90,678 additional shares. Its 92,348-share position was worth approximately $45.5 million.
• Analyst sentiment remains positive but mixed, with Ameriprise carrying a consensus “Moderate Buy” rating and an average price target of $572.55.
• Ameriprise authorized a $5.5 billion share-repurchase plan, allowing it to buy back up to 12.3% of outstanding shares, while also maintaining a $1.70 quarterly dividend.

First Citizens Bank & Trust Co. raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 5,429.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,348 shares of the financial services provider's stock after buying an additional 90,678 shares during the period. Ameriprise Financial comprises about 0.6% of First Citizens Bank & Trust Co.'s investment portfolio, making the stock its 26th biggest holding. First Citizens Bank & Trust Co. owned approximately 0.10% of Ameriprise Financial worth $45,468,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Fearless Solutions LLC dba Best Invest purchased a new position in shares of Ameriprise Financial in the third quarter valued at about $18,673,000. Focus Financial Network Inc. boosted its holdings in shares of Ameriprise Financial by 1,310.2% during the third quarter. Focus Financial Network Inc. now owns 11,944 shares of the financial services provider's stock worth $5,881,000 after purchasing an additional 11,097 shares during the period. Stone Summit Wealth LLC purchased a new stake in shares of Ameriprise Financial during the third quarter worth about $2,708,000. Virginia Estate & Retirement Planning Advisors Inc. purchased a new stake in shares of Ameriprise Financial during the third quarter worth about $132,000. Finally, XY Planning Network Inc. bought a new stake in shares of Ameriprise Financial in the third quarter worth about $2,865,000. Institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMP shares. Raymond James Financial boosted their price target on Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a report on Friday, August 21st. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. BMO Capital Markets dropped their price objective on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a report on Tuesday, October 6th. Bank of America reiterated a "buy" rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. Finally, The Goldman Sachs Group cut their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. 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's stock. Based on data from MarketBeat.com, Ameriprise Financial has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

Ameriprise Financial Stock Down 1.4%

Shares of Ameriprise Financial stock opened at $493.03 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a market cap of $44.32 billion, a P/E ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. The company's fifty day simple moving average is $537.16 and its two-hundred day simple moving average is $496.54.

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

Ameriprise Financial Announces Dividend

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

Ameriprise Financial declared that its board has approved a share buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred 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 sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last three months. Corporate insiders own 0.60% of the company's stock.

About Ameriprise Financial

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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