Turtle Creek Wealth Advisors LLC Purchases New Stake in Ameriprise Financial, Inc. $AMP

Key Points

• Turtle Creek Wealth Advisors acquired 11,851 Ameriprise Financial shares worth approximately $5.84 million, while institutional investors collectively own 83.95% of the company.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $572.55, although several firms recently lowered their targets.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates, and approved a $5.5 billion share-repurchase program. The company also pays a $1.70 quarterly dividend, equivalent to a 1.4% yield.

Turtle Creek Wealth Advisors LLC acquired 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 and Exchange Commission (SEC). The institutional investor acquired 11,851 shares of the financial services provider's stock, valued at approximately $5,835,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its stake in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. grew its position in Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock valued at $1,537,817,000 after acquiring an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP bought a new position in Ameriprise Financial in the third quarter worth approximately $925,211,000. Douglas Lane & Associates LLC bought a new position in Ameriprise Financial during the 3rd quarter worth about $575,767,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in Ameriprise Financial during the 3rd quarter valued at $530,290,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on AMP. Morgan Stanley dropped their price target on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a research note on Friday, October 9th. The Goldman Sachs Group decreased their price objective on Ameriprise Financial from $562.00 to $524.00 and set a "neutral" rating on the stock in a report on Friday, October 2nd. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. BMO Capital Markets decreased their price target on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 6th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $572.55.

Insider Transactions at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company's stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the business's stock in a transaction that occurred 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 owned 713 shares of the company's stock, valued at approximately $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last 90 days. Insiders own 0.60% of the company's stock.

Ameriprise Financial Price Performance

NYSE AMP traded up $0.17 during trading hours on Thursday, reaching $495.99. The company's stock had a trading volume of 167,555 shares, compared to its average volume of 637,610. 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 company's 50-day moving average is $535.87 and its two-hundred day moving average is $496.87. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The stock has a market cap of $44.59 billion, a PE ratio of 11.96, a PEG ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the company earned $9.11 EPS. The firm's quarterly revenue was up 11.6% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

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

Ameriprise Financial Company 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.

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.