Ameriprise Financial, Inc. $AMP Stock Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 4,588.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 114,824 shares of the financial services provider’s stock after acquiring an additional 112,375 shares during the quarter. Farther Finance Advisors LLC’s holdings in Ameriprise Financial were worth $56,534,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. EP Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial in the second quarter worth approximately $1,704,000. Neville Rodie & Shaw Inc. boosted its holdings in Ameriprise Financial by 4,524.8% in the third quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock worth $16,076,000 after purchasing an additional 31,945 shares during the last quarter. Ballew Advisors Inc bought a new stake in Ameriprise Financial in the 3rd quarter worth approximately $4,112,000. Canandaigua National Bank & Trust Co. purchased a new stake in Ameriprise Financial during the 3rd quarter valued at $4,162,000. Finally, Iowa State Bank purchased a new stake in Ameriprise Financial during the 3rd quarter valued at $31,154,000. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on AMP. Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Keefe, Bruyette & Woods boosted 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 report on Friday, July 24th. Finally, Morgan Stanley increased their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of “Moderate Buy” and an average price target of $559.80.

Ameriprise Financial Price Performance

Shares of NYSE AMP traded up $8.24 during midday trading on Thursday, reaching $498.80. The stock had a trading volume of 557,595 shares, compared to its average volume of 644,656. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The stock has a 50-day moving average of $541.26 and a 200-day moving average of $495.04. The company has a market capitalization of $44.84 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) 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. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.11 EPS. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 29th that permits the company to buyback $5.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Ameriprise Financial news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 in the last 90 days. 0.60% of the stock is currently owned by company insiders.

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.