Fox Run Management L.L.C. Acquires New Shares in Ameriprise Financial, Inc. $AMP

Key Points

• Fox Run Management L.L.C. acquired a new stake of 1,251 shares in Ameriprise Financial, valued at approximately $606,000 during the first quarter.
• Several hedge funds, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., significantly increased their stakes in Ameriprise Financial, indicating strong institutional interest.
• Ameriprise Financial recently reported earnings exceeding estimates and authorized a $4.50 billion stock repurchase plan, reflecting management’s confidence in the stock's value.

Fox Run Management L.L.C. acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,251 shares of the financial services provider's stock, valued at approximately $606,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMP. GAMMA Investing LLC grew its position in Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after purchasing an additional 83 shares during the period. Spire Wealth Management boosted its holdings in shares of Ameriprise Financial by 91.6% during the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after purchasing an additional 683 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock valued at $470,000 after buying an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Ameriprise Financial by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after purchasing an additional 420 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In other news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares in the company, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.73% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AMP shares. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Raymond James Financial boosted their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research note on Friday, July 25th. William Blair downgraded Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Trading Up 2.6%

Shares of Ameriprise Financial stock traded up $13.0250 during trading hours on Friday, reaching $518.2550. The stock had a trading volume of 124,939 shares, compared to its average volume of 502,566. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.08 and a beta of 1.24. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The firm has a 50 day simple moving average of $520.83 and a two-hundred day simple moving average of $506.39.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. The business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The company's revenue was up 2.2% on a year-over-year basis. During the same period last year, the business posted $8.72 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.2%. Ameriprise Financial's dividend payout ratio is presently 19.91%.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.