Ameriprise Financial, Inc. $AMP Shares Newly Purchased by Pension & Wealth Management Advisors Inc.

Pension & Wealth Management Advisors Inc. acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, HoldingsChannel reports. The fund acquired 3,344 shares of the financial services provider’s stock, valued at approximately $1,646,000.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp grew its stake 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 purchasing an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. raised its position in 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 valued at $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Ameriprise Financial by 980.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock valued at $1,019,036,000 after purchasing an additional 1,878,244 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the 3rd quarter worth approximately $925,211,000. Finally, Douglas Lane & Associates LLC purchased a new stake in Ameriprise Financial in the 3rd quarter worth approximately $575,767,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company’s stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Williams sold 8,210 shares of the stock in a transaction dated 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 completion of the transaction, the insider 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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on AMP shares. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Keefe, Bruyette & Woods raised their price target 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. Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. The Goldman Sachs Group decreased their price objective on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Finally, Argus raised their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ameriprise Financial presently has an average rating of “Moderate Buy” and an average price target of $572.55.

Ameriprise Financial Stock Down 0.3%

Shares of AMP stock traded down $1.67 during midday trading on Friday, reaching $500.91. 581,724 shares of the stock were exchanged, compared to its average volume of 647,053. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The firm has a market cap of $45.03 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The company’s 50 day moving average is $533.72 and its two-hundred day moving average is $497.36. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter last year, the business posted $9.11 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were issued a $1.70 dividend. The ex-dividend date 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 16.40%.

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.