McKinley Carter Wealth Services Inc. Makes New $4.12 Million Investment in Ameriprise Financial, Inc. $AMP

McKinley Carter Wealth Services Inc. acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter, HoldingsChannel reports. The fund acquired 8,375 shares of the financial services provider’s stock, valued at approximately $4,123,000.

Several other institutional investors also recently modified their holdings of AMP. Twin Lakes Capital Management LLC bought a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in Ameriprise Financial in the 1st quarter valued at about $28,000. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial during the second quarter worth about $28,000. Fiduciary Financial Advisors bought a new position in Ameriprise Financial during the second quarter worth about $30,000. Finally, Daytona Street Capital LLC bought a new position in Ameriprise Financial during the third quarter worth about $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

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

Ameriprise Financial (NYSE:AMP) last released 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. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $9.11 EPS. Analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its Board of Directors has authorized a stock repurchase program 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. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

AMP has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. 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 report on Monday, October 5th. Keefe, Bruyette & Woods lifted their target price 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 lifted their target price on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Finally, The Goldman Sachs Group decreased their target price on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. One 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 given a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial presently has an average rating of “Moderate Buy” and an average target price of $572.55.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the stock in a transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The stock was 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 SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.

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.