Summit Financial Wealth Advisors LLC Makes New $4.69 Million Investment in Ameriprise Financial, Inc. $AMP

Key Points

• Summit Financial Wealth Advisors acquired 9,524 Ameriprise Financial shares worth approximately $4.69 million in the third quarter. Institutional investors and hedge funds collectively own 83.95% of AMP.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $572.55, although several firms recently lowered their targets. AMP shares recently traded at $494.80.
• Ameriprise reported quarterly EPS of $11.07, beating estimates, and 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.

Summit Financial Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,524 shares of the financial services provider's stock, valued at approximately $4,689,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock worth $29,069,493,000 after buying an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Artemis Investment Management LLP purchased a new position in shares of Ameriprise Financial during the 3rd quarter worth about $925,211,000. Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial in the third quarter worth approximately $575,767,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Ameriprise Financial in the third quarter worth approximately $530,290,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AMP shares. Zacks Research lowered shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Jefferies Financial Group lowered their price objective on shares of Ameriprise Financial from $645.00 to $638.00 in a research note on Monday. Royal Bank Of Canada upped their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Evercore cut their target price on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Finally, BMO Capital Markets reduced their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Trading Down 0.2%

Shares of Ameriprise Financial stock traded down $1.02 during trading hours on Thursday, hitting $494.80. The company's stock had a trading volume of 173,377 shares, compared to its average volume of 637,676. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The business has a fifty day moving average of $535.87 and a 200 day moving average of $496.87. The company has a market capitalization of $44.48 billion, a PE ratio of 11.95, a P/E/G ratio of 1.01 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 posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share 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 for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the business posted $9.11 EPS. The business's quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed 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. 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 payout ratio is currently 16.40%.

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

Insider Buying and Selling

In other news, SVP Dawn Brockman sold 472 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares of the company's stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Williams sold 8,210 shares of the firm's stock in a transaction dated 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 sale, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock worth $16,316,497 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

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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