Howard Capital Management LLC increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 1,433.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,065 shares of the financial services provider’s stock after purchasing an additional 8,474 shares during the period. Howard Capital Management LLC’s holdings in Ameriprise Financial were worth $4,463,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMP. State Street Corp boosted its holdings in shares of Ameriprise Financial by 1,279.7% during the 2nd 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. grew its position in shares of Ameriprise Financial by 960.8% in the second 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 in the last quarter. Assenagon Asset Management S.A. lifted its position in Ameriprise Financial by 980.8% during the third quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after buying an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP purchased a new position in Ameriprise Financial during the third quarter worth approximately $925,211,000. Finally, Douglas Lane & Associates LLC purchased a new position in Ameriprise Financial during the third quarter worth approximately $575,767,000. 83.95% of the stock is owned by hedge funds and other institutional investors.
Ameriprise Financial Trading Down 0.3%
Ameriprise Financial stock traded down $1.67 during trading on Friday, hitting $500.91. The company had a trading volume of 581,724 shares, 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 company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The company’s 50 day simple moving average is $533.72 and its 200-day simple moving average is $497.36. 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.
Ameriprise Financial (NYSE:AMP – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping 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 analysts’ expectations of $4.87 billion. During the same period in the prior year, the firm earned $9.11 earnings per share. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.
Ameriprise Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s payout ratio is currently 16.40%.
Ameriprise Financial declared that its Board of Directors has authorized a share repurchase 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 shares through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on AMP shares. Piper Sandler lifted their price target on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Royal Bank Of Canada boosted their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Bank of America reaffirmed a “buy” rating and set a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $572.55.
Read Our Latest Stock Report on Ameriprise Financial
Insider Transactions at Ameriprise Financial
In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last 90 days. 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.
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