Reliant Investment Management LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) in the 3rd quarter, HoldingsChannel reports. The firm purchased 4,762 shares of the financial services provider’s stock, valued at approximately $2,345,000. Ameriprise Financial accounts for approximately 0.8% of Reliant Investment Management LLC’s investment portfolio, making the stock its 29th biggest position.
A number of other large investors also recently bought and sold shares of the business. Twin Lakes Capital Management LLC purchased a new position in Ameriprise Financial during the second quarter worth approximately $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in Ameriprise Financial in the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial in the second quarter valued at approximately $28,000. Fiduciary Financial Advisors purchased a new stake in shares of Ameriprise Financial in the second quarter valued at approximately $30,000. Finally, Evolution Wealth Management Inc. purchased a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.95% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. BMO Capital Markets reduced their target price on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research note on Tuesday, October 6th. 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 research report on Friday, October 2nd. Evercore dropped their price target on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Argus boosted their price target on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $572.55.
Insider Buying and Selling at Ameriprise Financial
In related news, 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 transaction, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.
Ameriprise Financial Stock Up 0.6%
NYSE AMP opened at $496.19 on Thursday. The business has a fifty day moving average price of $535.87 and a 200 day moving average price of $496.87. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $44.61 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.01 and a beta of 1.16.
Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share 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 for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the firm posted $9.11 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.
Ameriprise Financial Announces Dividend
The firm 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 is presently 16.40%.
Ameriprise Financial declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Ameriprise Financial Company 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.
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