Ameriprise Financial, Inc. $AMP Shares Newly Bought by Successful Portfolios LLC

Successful Portfolios LLC bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,139 shares of the financial services provider’s stock, valued at approximately $4,992,000. Ameriprise Financial comprises about 2.3% of Successful Portfolios LLC’s investment portfolio, making the stock its 13th largest position.

A number of other large investors have also made changes to their positions in the company. State Street Corp boosted its holdings in shares of 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 worth $29,069,493,000 after buying an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. boosted 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 acquiring an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at $925,211,000. Douglas Lane & Associates LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at $575,767,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Ameriprise Financial by 2.0% in 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 purchasing an additional 19,731 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

Shares of NYSE AMP traded up $1.48 during mid-day trading on Friday, reaching $500.56. The company’s stock had a trading volume of 487,136 shares, compared to its average volume of 643,844. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The stock has a fifty day moving average of $540.34 and a two-hundred day moving average of $495.47. The firm has a market capitalization of $45.00 billion, a PE ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 1.16.

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

Ameriprise Financial announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Insider Transactions at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last three months. Corporate insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AMP. Morgan Stanley lowered their target price on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Piper Sandler boosted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Zacks Research lowered shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Finally, BMO Capital Markets decreased their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $558.00.

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.