Sanders Morris Harris LLC Purchases New Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Sanders Morris Harris LLC purchased 6,000 Ameriprise Financial shares worth approximately $2.95 million in the third quarter. Institutional investors collectively own 83.95% of AMP.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $572.55, although several firms recently lowered their targets. Insiders sold nearly 30,000 shares worth $16.3 million over the past three months.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase plan and maintains a quarterly dividend of $1.70 per share.

Sanders Morris Harris LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,000 shares of the financial services provider's stock, valued at approximately $2,954,000.

A number of other institutional investors also recently modified their holdings of AMP. Rexford Capital Inc. lifted its holdings in Ameriprise Financial by 19.5% during the 1st quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider's stock worth $65,000 after purchasing an additional 24 shares in the last quarter. North Dakota State Investment Board grew its holdings 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 buying an additional 24 shares in the last quarter. HBK Sorce Advisory LLC grew its holdings in 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 buying an additional 24 shares in the last quarter. 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 currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares of the company's stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Walter Berman sold 11,012 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on AMP shares. The Goldman Sachs Group lowered their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Morgan Stanley lowered their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a report on Friday, October 9th. BMO Capital Markets lowered their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a report on Tuesday, October 6th. Royal Bank Of Canada lifted their price target on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods boosted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $572.55.

Ameriprise Financial Price Performance

NYSE:AMP traded up $2.87 during midday trading on Wednesday, hitting $496.19. The company had a trading volume of 456,143 shares, compared to its average volume of 640,076. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The stock's fifty day moving average price is $537.16 and its 200-day moving average price is $496.54. The company has a market capitalization of $44.61 billion, a PE ratio of 11.97, a P/E/G ratio of 1.03 and a beta of 1.16. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

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

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

Ameriprise Financial Announces Dividend

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

About Ameriprise Financial

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.

Want to see what other hedge funds are holding AMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameriprise Financial, Inc. (NYSE:AMP - Free Report).

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.