Stonebridge Financial Group LLC Purchases New Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• Stonebridge Financial Group initiated a position in Ameriprise Financial, purchasing 10,237 shares valued at approximately $5.04 million. Institutional investors collectively own 83.95% of AMP’s outstanding stock.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion. The board also authorized a $5.5 billion share-repurchase program, equivalent to up to 12.3% of outstanding shares.
• AMP traded near $494.17, below its 50-day moving average of $545.45, while analysts maintained a consensus “Hold” rating with a $555.33 price target. Insiders sold nearly 30,000 shares worth $16.3 million over the past 90 days.

Stonebridge Financial Group LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,237 shares of the financial services provider's stock, valued at approximately $5,040,000.

Several other institutional investors have also recently made changes to their positions in AMP. SouthState Bank Corp raised its stake in shares of Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after purchasing an additional 22 shares in the last quarter. Twin Lakes Capital Management LLC acquired a new position in Ameriprise Financial during the second quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial during the second quarter worth $28,000. Cassaday & Co Wealth Management LLC bought a new stake in Ameriprise Financial during the first quarter worth $28,000. Finally, Fiduciary Financial Advisors bought a new stake in Ameriprise Financial during the second quarter worth $30,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider William Williams sold 8,210 shares of the stock in a transaction 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 owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Stock Performance

AMP stock traded up $1.82 during mid-day trading on Thursday, hitting $494.17. 579,916 shares of the company were exchanged, compared to its average volume of 647,920. The business has a 50 day simple moving average of $545.45 and a 200-day simple moving average of $493.05. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $44.43 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.89 and a beta of 1.14. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same quarter in the previous year, the company posted $9.11 earnings per share. The business's revenue was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial declared that its board has approved a share buyback plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The company also recently declared 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 was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial's payout ratio is 16.40%.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of analyst reports. Jefferies Financial Group lifted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a research note on Friday, July 10th. Zacks Research lowered Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Piper Sandler increased their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $555.33.

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.

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.