Ameriprise Financial, Inc. $AMP Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 392.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 144,637 shares of the financial services provider’s stock after purchasing an additional 115,282 shares during the quarter. Ameriprise Financial makes up approximately 0.7% of State of Alaska Department of Revenue’s portfolio, making the stock its 23rd largest position. State of Alaska Department of Revenue’s holdings in Ameriprise Financial were worth $71,212,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the third quarter worth $5,835,000. WealthPlan Investment Management LLC boosted its position in Ameriprise Financial by 3.0% during the third quarter. WealthPlan Investment Management LLC now owns 849 shares of the financial services provider’s stock valued at $418,000 after purchasing an additional 25 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Ameriprise Financial during the third quarter valued at $4,023,000. Nvwm LLC grew its stake in Ameriprise Financial by 3,020.0% in the third quarter. Nvwm LLC now owns 156 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 151 shares in the last quarter. Finally, Viking Fund Management LLC purchased a new position in Ameriprise Financial in the third quarter valued at about $6,893,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AMP shares. Argus upped their target price on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Bank of America reiterated a “buy” rating and set a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a report on Monday, October 5th. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Finally, Jefferies Financial Group dropped their price objective on Ameriprise Financial from $645.00 to $638.00 in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $572.55.

Ameriprise Financial Stock Up 0.1%

Ameriprise Financial stock traded up $0.33 during mid-day trading on Thursday, hitting $496.15. 169,802 shares of the company’s stock were exchanged, compared to its average volume of 637,676. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $44.60 billion, a P/E ratio of 11.96, a P/E/G ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The stock has a 50 day moving average of $535.87 and a two-hundred day moving average of $496.87.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion for 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%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company earned $9.11 earnings per share. As a group, analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

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

Insider Buying and Selling

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, August 6th. The shares were 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 in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock worth $16,316,497 over the last ninety days. Company insiders own 0.60% of the company’s stock.

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.