HF Advisory Group LLC Purchases 72,628 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• HF Advisory Group LLC acquired 72,628 Ameriprise Financial shares worth approximately $35.8 million, making AMP its second-largest portfolio holding at 8.4%. Institutional investors collectively own 83.95% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $558, despite Morgan Stanley maintaining an “underweight” rating.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, and announced a $5.5 billion share-repurchase authorization covering up to 12.3% of outstanding shares. The company also pays a $1.70 quarterly dividend, yielding about 1.4% annually.

HF Advisory Group LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 72,628 shares of the financial services provider's stock, valued at approximately $35,758,000. Ameriprise Financial comprises 8.4% of HF Advisory Group LLC's investment portfolio, making the stock its 2nd biggest position. HF Advisory Group LLC owned approximately 0.08% of Ameriprise Financial as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. raised its stake in shares of Ameriprise Financial by 277.9% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 873 shares of the financial services provider's stock worth $430,000 after acquiring an additional 642 shares in the last quarter. Marquette Asset Management LLC boosted its stake in Ameriprise Financial by 2,650.0% in the third quarter. Marquette Asset Management LLC now owns 165 shares of the financial services provider's stock valued at $81,000 after acquiring an additional 159 shares in the last quarter. Gilpin Wealth Management LLC acquired a new stake in Ameriprise Financial in the third quarter valued at approximately $1,643,000. Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in Ameriprise Financial by 47,616.2% in the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 250,510 shares of the financial services provider's stock worth $123,339,000 after purchasing an additional 249,985 shares during the last quarter. Finally, Castleview Partners LLC purchased a new position in Ameriprise Financial in the third quarter worth $6,709,000. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In other news, CFO Walter Berman sold 11,012 shares of the business'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 owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 over the last 90 days. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AMP. Morgan Stanley decreased their price objective on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday. Jefferies Financial Group boosted their target price on Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Bank of America reaffirmed a "buy" rating and set a $570.00 target price on shares of Ameriprise Financial in a research report on Monday. Piper Sandler upped their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $558.00.

Ameriprise Financial Stock Performance

AMP opened at $500.56 on Friday. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. 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. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The firm's 50-day moving average price is $539.41 and its 200 day moving average price is $495.50.

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

Ameriprise Financial announced that its board has approved a stock buyback plan on Tuesday, September 29th that permits the company to buy back $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Share buyback plans are generally a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders 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 dividend payout ratio is presently 16.40%.

Ameriprise Financial 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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