Vest Financial LLC Acquires 13,405 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Vest Financial increased its Ameriprise Financial stake by 14% in the third quarter, acquiring 13,405 additional shares for a total of 109,065 shares valued at approximately $53.7 million. Institutional investors collectively own 83.95% of AMP.
• Ameriprise exceeded quarterly earnings expectations, reporting $11.07 in EPS versus the $10.81 consensus and revenue of $4.90 billion, up 11.6% year over year.
• The company authorized a $5.5 billion share-repurchase program, covering up to 12.3% of outstanding shares. Analysts maintain a consensus “Hold” rating with an average price target of $557, while insiders sold nearly 30,000 shares worth $16.3 million during the quarter.

Vest Financial LLC boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 14.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,065 shares of the financial services provider's stock after acquiring an additional 13,405 shares during the quarter. Vest Financial LLC owned 0.12% of Ameriprise Financial worth $53,698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Twin Lakes Capital Management LLC bought a new position in Ameriprise Financial during the second quarter worth about $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial in the 2nd quarter valued at approximately $28,000. City State Bank raised its holdings in shares of Ameriprise Financial by 264.7% in the 3rd quarter. City State Bank now owns 62 shares of the financial services provider's stock worth $31,000 after buying an additional 45 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial in the 1st quarter worth approximately $28,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Ameriprise Financial in the 2nd quarter worth approximately $30,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $490.62 on Thursday. The stock has a market capitalization of $44.11 billion, a price-to-earnings ratio of 11.83, a P/E/G ratio of 1.05 and a beta of 1.16. The firm's 50-day moving average price is $529.17 and its two-hundred day moving average price is $498.79. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. 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 posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.11 earnings per share. On average, equities analysts predict that Ameriprise Financial, Inc. will post 46.13 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the business'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 owned 713 shares of the company's stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMP. Weiss Ratings raised Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 3rd. Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. BMO Capital Markets dropped their price objective on Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research note on Tuesday, October 6th. Argus lifted their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average price target of $557.00.

Ameriprise Financial 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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