Stone Summit Wealth LLC Buys 5,500 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Stone Summit Wealth LLC initiated a position in Ameriprise Financial by buying 5,500 shares worth approximately $2.7 million during the third quarter. Institutional investors collectively own 83.95% of AMP.
• Ameriprise insiders sold nearly 30,000 shares valued at about $16.3 million over the past quarter, while company insiders retain just 0.60% ownership.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $572.55 average price target. The company also authorized a $5.5 billion share-repurchase program, covering up to 12.3% of outstanding shares.

Stone Summit Wealth LLC purchased 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 & Exchange Commission. The firm purchased 5,500 shares of the financial services provider's stock, valued at approximately $2,708,000.

Several other institutional investors have also recently modified their holdings of AMP. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial in the second quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ameriprise Financial in the first quarter worth approximately $28,000. Fiduciary Financial Advisors purchased a new stake in Ameriprise Financial in the second quarter worth approximately $30,000. Finally, Retirement Wealth Solutions LLC grew its position in Ameriprise Financial by 7,300.0% during the third quarter. Retirement Wealth Solutions LLC now owns 74 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 73 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the company's stock in a transaction on 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 directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Walter Berman sold 11,012 shares of the firm's 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 sale, the chief financial officer directly owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

AMP has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their price objective on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Keefe, Bruyette & Woods lifted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Morgan Stanley lowered their price target 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, October 9th. 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, 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $572.55.

Ameriprise Financial Trading Down 1.4%

Shares of AMP opened at $493.03 on Wednesday. The stock has a market capitalization of $44.32 billion, a P/E ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. 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 fifty day simple moving average of $537.16 and a two-hundred day simple moving average of $496.54.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly 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 during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the company posted $9.11 EPS. Ameriprise Financial's quarterly revenue was up 11.6% compared to the same quarter last year. On average, research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial declared that its board has authorized a share repurchase program on Tuesday, September 29th that permits the company to buy back $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

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