Schaper Benz & Wise Investment Counsel Inc. WI Acquires 249,985 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Schaper Benz & Wise Investment Counsel increased its Ameriprise Financial stake by 47,616.2%, purchasing 249,985 shares to own 250,510 shares valued at approximately $123.3 million. Ameriprise now represents 7.6% of the firm’s portfolio, while institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates by $0.26, while revenue rose 11.6% year over year to $4.90 billion. The company also pays a $1.70 quarterly dividend and authorized a $5.5 billion share-repurchase program covering up to 12.3% of outstanding shares.
• Wall Street’s consensus rating is “Moderate Buy”, with an average price target of $558 versus a recent share price of $500.56. However, insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

Schaper Benz & Wise Investment Counsel Inc. WI raised its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 47,616.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250,510 shares of the financial services provider's stock after purchasing an additional 249,985 shares during the quarter. Ameriprise Financial accounts for 7.6% of Schaper Benz & Wise Investment Counsel Inc. WI's portfolio, making the stock its largest holding. Schaper Benz & Wise Investment Counsel Inc. WI owned approximately 0.28% of Ameriprise Financial worth $123,339,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Castleview Partners LLC bought a new stake in Ameriprise Financial in the third quarter valued at $6,709,000. Stokes Capital Advisors LLC bought a new position in shares of Ameriprise Financial during the third quarter valued at $202,000. GK Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the 3rd quarter valued at $44,000. Balefire LLC bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth about $2,370,000. Finally, Lincoln Capital LLC bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth about $2,558,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

Shares of AMP opened at $500.56 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day simple moving average of $539.41 and a 200 day simple moving average of $495.50. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The firm has a market capitalization of $45.00 billion, a PE ratio of 12.07, a P/E/G ratio of 1.02 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results 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. 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 analyst estimates of $4.87 billion. During the same quarter last year, the firm earned $9.11 EPS. Ameriprise Financial's revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

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

Wall Street Analysts Forecast Growth

AMP has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Morgan Stanley cut their target price on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research note on Friday. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. BMO Capital Markets dropped their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a report on Tuesday. Finally, Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial presently has an average rating of "Moderate Buy" and an average target price of $558.00.

Insider Buying and Selling

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider William Williams sold 8,210 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last 90 days. 0.60% of the stock is currently owned by insiders.

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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