Gilpin Wealth Management LLC Buys 3,337 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Gilpin Wealth Management initiated a position in Ameriprise Financial by purchasing 3,337 shares valued at approximately $1.64 million. Institutional investors collectively own 83.95% of AMP’s outstanding shares.
• Ameriprise reported quarterly earnings of $11.07 per share, exceeding analyst expectations of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• The company approved a $5.5 billion share-repurchase program, allowing it to buy back up to 12.3% of outstanding shares, and maintains a quarterly dividend of $1.70 per share.

Gilpin Wealth Management LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,337 shares of the financial services provider's stock, valued at approximately $1,643,000. Ameriprise Financial makes up approximately 1.1% of Gilpin Wealth Management LLC's holdings, making the stock its 23rd biggest holding.

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

Ameriprise Financial Trading Up 0.3%

Ameriprise Financial stock opened at $500.56 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The business's 50-day simple moving average is $539.41 and its 200-day simple moving average is $495.50. The firm has a market capitalization of $45.00 billion, a PE ratio of 12.07, a PEG ratio of 1.02 and a beta of 1.16. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

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

Ameriprise Financial Announces Dividend

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

Ameriprise Financial declared that its board has approved a stock repurchase 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 reacquire up to 12.3% of its stock through open market purchases. Share repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on AMP shares. Jefferies Financial Group lifted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Morgan Stanley cut their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research note on Friday. Bank of America reiterated a "buy" rating and set a $570.00 price target on shares of Ameriprise Financial in a report on Monday. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Finally, Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $558.00.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, EVP Deirdre Mcgraw sold 2,400 shares of the firm'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 in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Walter Berman sold 11,012 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were 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 $3,079,060.55. This represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. Insiders own 0.60% of the company's stock.

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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