Wedmont Private Capital Purchases 19,206 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Wedmont Private Capital increased its Ameriprise Financial stake by 537.4%, purchasing 19,206 additional shares to hold 22,780 shares valued at approximately $11.2 million. Institutional investors collectively own 83.95% of the company.
• Ameriprise reported quarterly earnings of $11.07 per share, 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, covering up to 12.3% of outstanding shares.
• AMP recently traded at $500.59, while analysts maintain a “Moderate Buy” consensus with an average price target of $558.00. The company pays a quarterly dividend of $1.70 per share, yielding approximately 1.4%.

Wedmont Private Capital boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 537.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,780 shares of the financial services provider's stock after acquiring an additional 19,206 shares during the period. Wedmont Private Capital's holdings in Ameriprise Financial were worth $11,216,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Lawood & Co. bought a new position in shares of Ameriprise Financial in the third quarter worth about $11,636,000. Douglas Lane & Associates LLC bought a new stake in Ameriprise Financial during the 3rd quarter valued at approximately $575,767,000. Dakota Community Bank & Trust NA grew its holdings in Ameriprise Financial by 413.9% in the 3rd quarter. Dakota Community Bank & Trust NA now owns 5,026 shares of the financial services provider's stock valued at $2,475,000 after buying an additional 4,048 shares during the last quarter. Graves Light Lenhart Wealth Inc. grew its holdings in Ameriprise Financial by 11,224.0% in the 3rd quarter. Graves Light Lenhart Wealth Inc. now owns 50,958 shares of the financial services provider's stock valued at $25,089,000 after buying an additional 50,508 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC bought a new position in Ameriprise Financial in the 3rd quarter worth approximately $6,530,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

Shares of AMP traded up $1.51 on Friday, reaching $500.59. 155,025 shares of the stock traded hands, compared to its average volume of 642,080. The stock's 50-day moving average price is $540.34 and its 200-day moving average price is $495.47. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $45.00 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts' consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.11 earnings per share. Equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial declared that its board has initiated a stock repurchase program on Tuesday, September 29th that authorizes the company to buyback $5.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial's payout ratio is 16.40%.

Insider Buying and Selling at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of the 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 completion of the transaction, the insider owned 6,780 shares of the company's stock, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the transaction, the chief financial officer owned 5,609 shares of the company's stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. Insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AMP shares. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods upped their target price on shares of 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 reduced their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a report on Friday. Bank of America restated a "buy" rating and issued a $570.00 price target on shares of Ameriprise Financial in a research report on Monday. Finally, Zacks Research downgraded shares of Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $558.00.

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.

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