Monument Capital Management acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 23,002 shares of the financial services provider’s stock, valued at approximately $11,325,000. Ameriprise Financial accounts for 2.4% of Monument Capital Management’s portfolio, making the stock its 3rd biggest position.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMP. Mn Services Vermogensbeheer B.V. raised its stake in shares of Ameriprise Financial by 1,367.7% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 388,012 shares of the financial services provider’s stock worth $191,038,000 after buying an additional 361,575 shares in the last quarter. Dorato Capital Management lifted its holdings in shares of Ameriprise Financial by 54.1% in the third quarter. Dorato Capital Management now owns 1,595 shares of the financial services provider’s stock valued at $785,000 after buying an additional 560 shares during the period. Farther Finance Advisors LLC boosted its stake in Ameriprise Financial by 4,588.6% during the third quarter. Farther Finance Advisors LLC now owns 114,824 shares of the financial services provider’s stock valued at $56,534,000 after buying an additional 112,375 shares in the last quarter. CoreCap Advisors LLC boosted its stake in Ameriprise Financial by 1,901.6% during the third quarter. CoreCap Advisors LLC now owns 1,281 shares of the financial services provider’s stock valued at $631,000 after buying an additional 1,217 shares in the last quarter. Finally, Artemis Investment Management LLP acquired a new position in Ameriprise Financial during the third quarter worth about $925,211,000. Institutional investors own 83.95% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have commented on AMP. Piper Sandler boosted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Jefferies Financial Group boosted their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, BMO Capital Markets reduced their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $558.67.
Insider Activity
In other Ameriprise Financial news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last quarter. Insiders own 0.60% of the company’s stock.
Ameriprise Financial Trading Up 1.7%
NYSE:AMP opened at $498.80 on Friday. The stock has a fifty day simple moving average of $540.34 and a 200 day simple moving average of $495.47. The firm has a market capitalization of $44.84 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. 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 (NYSE:AMP – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the company earned $9.11 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.
Ameriprise Financial Dividend Announcement
The company also recently declared 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 was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. 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 buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management 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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