RKL Wealth Management LLC Purchases 15,565 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• RKL Wealth Management purchased 15,565 Ameriprise Financial shares worth approximately $7.66 million, while other institutions also increased their holdings. Institutional investors own 83.95% of AMP.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $572.55. Ameriprise recently exceeded quarterly earnings and revenue estimates, reporting $11.07 in EPS and $4.90 billion in revenue.
• Ameriprise authorized a $5.5 billion share-repurchase program, covering up to 12.3% of outstanding shares, and maintains a quarterly dividend of $1.70 per share, or a 1.4% annual yield.

RKL Wealth Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,565 shares of the financial services provider's stock, valued at approximately $7,663,000. Ameriprise Financial accounts for 0.6% of RKL Wealth Management LLC's investment portfolio, making the stock its 27th biggest holding.

A number of other hedge funds have also modified their holdings of AMP. Hengehold Capital Management LLC boosted its stake in Ameriprise Financial by 742.6% during the third quarter. Hengehold Capital Management LLC now owns 7,280 shares of the financial services provider's stock worth $3,584,000 after buying an additional 6,416 shares during the period. Eagle Strategies LLC acquired a new stake in shares of Ameriprise Financial during the third quarter valued at about $3,995,000. McKinley Carter Wealth Services Inc. purchased a new stake in shares of Ameriprise Financial in the 3rd quarter valued at approximately $4,123,000. Vontobel Holding Ltd. raised its stake in shares of Ameriprise Financial by 196.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 20,831 shares of the financial services provider's stock valued at $10,256,000 after acquiring an additional 13,800 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Ameriprise Financial by 71.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 54,683 shares of the financial services provider's stock worth $26,923,000 after acquiring an additional 22,852 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AMP shares. Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Piper Sandler upped their price target on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. BMO Capital Markets decreased their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 6th. Raymond James Financial raised their price target on Ameriprise Financial from $582.00 to $638.00 and gave the stock a "strong-buy" rating in a research report on Friday, August 21st. Finally, Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $572.55.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction that occurred on 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 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 represents a 66.25% 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 in the last 90 days. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Trading Down 0.3%

NYSE:AMP traded down $1.67 on Friday, reaching $500.91. 581,724 shares of the company's stock were exchanged, compared to its average volume of 647,053. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The business has a fifty day moving average of $533.72 and a 200-day moving average of $497.36. 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 posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the firm posted $9.11 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

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 dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is presently 16.40%.

Ameriprise Financial announced that its Board of Directors has initiated 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 shares through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.