RKL Wealth Management LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the third quarter, Holdings Channel reports. The institutional investor purchased 15,565 shares of the financial services provider’s stock, valued at approximately $7,663,000. Ameriprise Financial accounts for approximately 0.6% of RKL Wealth Management LLC’s investment portfolio, making the stock its 27th biggest position.
Several other hedge funds and other institutional investors have also made changes to their positions in AMP. Neville Rodie & Shaw Inc. raised its holdings in shares of Ameriprise Financial by 4,524.8% in the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock valued at $16,076,000 after purchasing an additional 31,945 shares in the last quarter. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth $4,162,000. Ballew Advisors Inc acquired a new position in shares of Ameriprise Financial during the third quarter worth $4,112,000. EP Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial during the second quarter worth $1,704,000. Finally, Venture Visionary Partners LLC grew its stake in shares of Ameriprise Financial by 701.7% during the third quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider’s stock worth $60,948,000 after purchasing an additional 108,348 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Analysts Set New Price Targets
AMP has been the topic of several recent analyst reports. Piper Sandler increased their target price on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Morgan Stanley decreased their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday, October 9th. 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. Argus upped their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada increased their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial presently has an average rating of “Moderate Buy” and an average target price of $572.55.
Read Our Latest Research Report on Ameriprise Financial
Insider Activity at Ameriprise Financial
In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. 0.60% of the stock is currently owned by insiders.
Ameriprise Financial Stock Down 0.3%
AMP stock traded down $1.67 during midday trading on Friday, reaching $500.91. 581,724 shares of the company were exchanged, compared to its average volume of 647,053. 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 1-year low of $422.37 and a 1-year high of $572.56. The stock’s 50-day simple moving average is $533.72 and its 200 day simple moving average is $497.36. The company 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.
Ameriprise Financial (NYSE:AMP – Get Free Report) last issued its 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. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the business posted $9.11 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.
Ameriprise Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.
Ameriprise Financial declared that its board has approved a stock repurchase program on Tuesday, September 29th that permits the company to buy back $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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.
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