Burkett Financial Services LLC Acquires New Shares in Ameriprise Financial, Inc. $AMP

Burkett Financial Services LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 2,192 shares of the financial services provider’s stock, valued at approximately $1,079,000. Ameriprise Financial accounts for about 0.3% of Burkett Financial Services LLC’s portfolio, making the stock its 26th largest position.

A number of other institutional investors also recently bought and sold shares of AMP. State Street Corp grew its holdings in Ameriprise Financial by 1,279.7% in the second 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 last quarter. Envestnet Asset Management Inc. raised its stake in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after buying an additional 3,036,128 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after buying an additional 19,731 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ameriprise Financial by 18.7% in the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock worth $436,888,000 after buying an additional 154,659 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Ameriprise Financial by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock worth $374,920,000 after buying an additional 22,819 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider William Williams sold 8,210 shares of the business’s stock in a transaction that occurred on 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. The trade was a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Dawn Brockman sold 472 shares of the company’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 transaction, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. The trade was a 39.83% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Price Performance

Shares of AMP traded up $1.82 during trading hours on Thursday, reaching $494.17. 579,916 shares of the company traded hands, compared to its average volume of 647,920. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $44.43 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.89 and a beta of 1.14. 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 fifty day simple moving average of $545.45 and a 200 day simple moving average of $493.05.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $9.11 EPS. As a group, research analysts predict that Ameriprise Financial, Inc. will post 46.27 EPS for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Tuesday, September 29th that allows the company to buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Analyst Ratings Changes

AMP has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Piper Sandler lifted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. 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 increased their price target 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, Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. 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 one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $555.33.

About Ameriprise Financial

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.