Inspirion Wealth Advisors LLC Acquires New Shares in Ameriprise Financial, Inc. $AMP

Key Points

• Inspirion Wealth Advisors acquired 16,990 Ameriprise shares worth approximately $8.4 million during the third quarter, while institutional investors overall own 83.95% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $558.67, despite mixed recent rating and target-price changes.
• Ameriprise reported quarterly EPS of $11.07, beating estimates, and revenue rose 11.6% year over year. The company also announced a $5.5 billion share-repurchase authorization and pays an annualized $6.80 dividend.

Inspirion Wealth Advisors LLC acquired 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 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,990 shares of the financial services provider's stock, valued at approximately $8,365,000. Ameriprise Financial accounts for about 1.0% of Inspirion Wealth Advisors LLC's investment portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMP. Twin Lakes Capital Management LLC purchased a new stake in Ameriprise Financial during the 2nd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ameriprise Financial during the 2nd quarter valued at $28,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Ameriprise Financial in the 1st quarter worth $28,000. Fiduciary Financial Advisors purchased a new position in shares of Ameriprise Financial in the 2nd quarter worth $30,000. Finally, Retirement Wealth Solutions LLC grew its holdings in shares of Ameriprise Financial by 7,300.0% in the third quarter. Retirement Wealth Solutions LLC now owns 74 shares of the financial services provider's stock worth $36,000 after acquiring an additional 73 shares during the period. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. BMO Capital Markets reduced their price objective on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research report on Tuesday. Piper Sandler raised their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Finally, Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $558.67.

Insider Buying and Selling

In related news, CFO Walter Berman sold 11,012 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. 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. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Up 1.7%

Shares of Ameriprise Financial stock opened at $498.80 on Friday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The company's fifty day simple moving average is $540.34 and its 200-day simple moving average is $495.47. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $44.84 billion, a PE ratio of 12.03, a P/E/G ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data 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 return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the business posted $9.11 EPS. Ameriprise Financial's revenue was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 29th that permits the company to buyback $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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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