TrinityBridge Ltd Sells 85,091 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• TrinityBridge cut its Ameriprise Financial stake by 40.1%, selling 85,091 shares in the third quarter and retaining 127,169 shares valued at about $62.6 million.
• Ameriprise’s latest quarterly results fell short of estimates: EPS was $11.26 versus $11.77 expected, and revenue was $5.08 billion versus $5.10 billion, though revenue rose 6.8% year over year.
• The company announced a quarterly dividend of $1.70 per share and authorized a $5.5 billion share-buyback plan. Analysts’ consensus rating was Hold, with an average price target of $557.

TrinityBridge Ltd reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 40.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,169 shares of the financial services provider's stock after selling 85,091 shares during the period. Ameriprise Financial accounts for about 1.8% of TrinityBridge Ltd's investment portfolio, making the stock its 18th largest position. TrinityBridge Ltd owned about 0.14% of Ameriprise Financial worth $62,584,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Twin Lakes Capital Management LLC purchased a new stake in Ameriprise Financial in the 2nd quarter worth approximately $25,000. Balance Wealth Partners LLC acquired a new stake in shares of Ameriprise Financial during the 3rd quarter worth $27,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Ameriprise Financial in the 1st quarter worth about $28,000. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial in the second quarter valued at approximately $28,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at $30,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Trading Up 0.1%

Shares of AMP opened at $504.98 on Wednesday. The company has a market capitalization of $43.84 billion, a P/E ratio of 11.36, a P/E/G ratio of 1.08 and a beta of 1.13. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.71 and a current ratio of 0.68. The stock has a 50-day moving average price of $517.40 and a 200 day moving average price of $493.01.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The financial services provider reported $11.26 earnings per share for the quarter, missing analysts' consensus estimates of $11.77 by ($0.51). Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter last year, the business earned $9.92 EPS. Ameriprise Financial's revenue for the quarter was up 6.8% compared to the same quarter last year. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.08 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Monday, November 9th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, November 9th. Ameriprise Financial's dividend payout ratio is 15.30%.

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

Analyst Ratings Changes

Several equities analysts recently commented on AMP shares. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Raymond James Financial lifted their price objective on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a research note on Friday, August 21st. The Goldman Sachs Group reduced their target price on shares of Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of "Hold" and an average target price of $557.00.

Insider Activity at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares of the company's stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on 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 completion of the sale, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.60% of the company's stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.

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