Riverbend Wealth Management LLC Acquires 15,956 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Riverbend Wealth Management increased its Ameriprise Financial stake by 3,585.6% in the third quarter, acquiring 15,956 shares for a total of 16,401 shares valued at approximately $8.1 million. Institutional investors own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, surpassing estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program and pays a $1.70 quarterly dividend.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $572.55, although insiders sold nearly 30,000 shares worth $16.3 million over the past three months.

Riverbend Wealth Management LLC grew its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3,585.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,401 shares of the financial services provider's stock after acquiring an additional 15,956 shares during the quarter. Ameriprise Financial accounts for 3.6% of Riverbend Wealth Management LLC's portfolio, making the stock its 4th largest holding. Riverbend Wealth Management LLC's holdings in Ameriprise Financial were worth $8,075,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Rexford Capital Inc. increased its position in Ameriprise Financial by 19.5% during the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock worth $65,000 after acquiring an additional 24 shares during the period. North Dakota State Investment Board raised its stake in 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 purchasing an additional 24 shares during the last quarter. HBK Sorce Advisory LLC boosted its holdings in Ameriprise Financial by 2.8% in the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider's stock valued at $409,000 after purchasing an additional 24 shares during the period. Fulton Bank N.A. boosted its holdings in Ameriprise Financial by 0.4% in 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 purchasing an additional 25 shares during the period. Finally, Revolve Wealth Partners LLC boosted its holdings in Ameriprise Financial by 5.0% in the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider's stock valued at $243,000 after purchasing an additional 25 shares during the period. 83.95% of the stock is owned by institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider owned 6,780 shares of the company's stock, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the stock in a transaction dated 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 of the company's stock, valued at $3,079,060.55. This trade 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 sold 29,988 shares of company stock worth $16,316,497. Insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Up 1.3%

Shares of Ameriprise Financial stock opened at $502.32 on Friday. The firm has a market capitalization of $45.16 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. 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 company's fifty day moving average price is $534.72 and its two-hundred day moving average price is $497.33. 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 quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (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 analysts' expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business's revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.11 EPS. On average, analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial announced that its board has authorized a stock repurchase plan on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

AMP has been the topic of several research analyst reports. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. Evercore cut their price objective on shares of Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Piper Sandler increased their target price on shares of Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Finally, BMO Capital Markets decreased their target price on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $572.55.

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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