9,000 Shares in Ameriprise Financial, Inc. $AMP Bought by SLT Holdings LLC

SLT Holdings LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,000 shares of the financial services provider’s stock, valued at approximately $4,431,000. Ameriprise Financial makes up approximately 2.5% of SLT Holdings LLC’s investment portfolio, making the stock its 8th largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Whitener Capital Management Inc. purchased a new stake in Ameriprise Financial in the 3rd quarter worth $56,039,000. V Square Quantitative Management LLC raised its holdings in Ameriprise Financial by 1.3% during the third quarter. V Square Quantitative Management LLC now owns 2,731 shares of the financial services provider’s stock valued at $1,345,000 after acquiring an additional 35 shares during the period. YANKCOM Partnership raised its holdings in Ameriprise Financial by 0.6% during the third quarter. YANKCOM Partnership now owns 4,570 shares of the financial services provider’s stock valued at $2,250,000 after acquiring an additional 29 shares during the period. Community Trust & Investment Co. purchased a new position in shares of Ameriprise Financial in the third quarter valued at about $12,132,000. Finally, Saxony Capital Management LLC purchased a new position in shares of Ameriprise Financial in the third quarter valued at about $2,857,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Up 1.3%

Shares of AMP stock opened at $502.32 on Friday. The stock has a market cap of $45.16 billion, a P/E ratio of 12.12, a PEG ratio of 1.02 and a beta of 1.16. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. 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 company’s fifty day simple moving average is $534.72 and its two-hundred day simple moving average is $497.33.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion during 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.11 EPS. Analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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%.

Ameriprise Financial declared that its board has approved a share repurchase plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

AMP has been the subject of a number of recent analyst reports. Bank of America reaffirmed a “buy” rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Piper Sandler increased their target price on Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. Raymond James Financial lifted their target price on Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research note on Friday, August 21st. Evercore lowered their price target on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. Finally, Morgan Stanley lowered their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $572.55.

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 the 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 transaction, the insider directly owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

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.