Millennium Capital Advisors LLC Purchases New Stake in Ameriprise Financial, Inc. $AMP

Millennium Capital Advisors LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,117 shares of the financial services provider’s stock, valued at approximately $2,519,000. Ameriprise Financial makes up 1.3% of Millennium Capital Advisors LLC’s holdings, making the stock its 20th biggest position.

Several other institutional investors also recently modified their holdings of AMP. Twin Lakes Capital Management LLC bought a new position in Ameriprise Financial during the second quarter worth about $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the second quarter valued at approximately $28,000. Fiduciary Financial Advisors bought a new position in shares of Ameriprise Financial during the 2nd quarter worth approximately $30,000. Finally, Daytona Street Capital LLC bought a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded down $1.67 during trading hours on Friday, reaching $500.91. 581,724 shares of the stock were exchanged, compared to its average volume of 647,053. The firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. The stock’s fifty day simple moving average is $533.72 and its 200 day simple moving average is $497.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (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 return on equity of 64.19% and a net margin of 20.24%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $9.11 EPS. Sell-side analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced 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 of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.

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

Wall Street Analysts Forecast Growth

AMP has been the topic of a number of recent analyst reports. Piper Sandler boosted their target price on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Bank of America reaffirmed 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. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $572.55.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares of the company’s stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Williams sold 8,210 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

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.