South Shore Capital Advisors bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,428 shares of the financial services provider’s stock, valued at approximately $703,000.
A number of other institutional investors have also recently added to or reduced their stakes in AMP. Avail Investment Partners LLC raised its position in Ameriprise Financial by 2.6% in the third quarter. Avail Investment Partners LLC now owns 800 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 20 shares during the period. Novem Group boosted its position in shares of Ameriprise Financial by 0.9% in the third quarter. Novem Group now owns 2,303 shares of the financial services provider’s stock worth $1,134,000 after buying an additional 21 shares during the period. Rexford Capital Inc. grew its stake in shares of Ameriprise Financial by 19.5% in the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider’s stock valued at $65,000 after buying an additional 24 shares in the last quarter. North Dakota State Investment Board grew its stake in shares of Ameriprise Financial by 0.9% in the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock valued at $1,246,000 after buying an additional 24 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its holdings in shares of Ameriprise Financial by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider’s stock valued at $409,000 after buying an additional 24 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on AMP shares. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Bank of America reissued an “underperform” rating and set a $445.00 target price (down from $570.00) on shares of Ameriprise Financial in a research report on Monday. Keefe, Bruyette & Woods boosted their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Finally, Evercore decreased their target price on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $557.00.
Read Our Latest Research Report on AMP
Ameriprise Financial Stock Up 1.2%
Shares of NYSE AMP traded up $5.83 during midday trading on Tuesday, reaching $486.24. 148,697 shares of the company’s stock were exchanged, compared to its average volume of 637,097. 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 52-week low of $422.37 and a 52-week high of $572.56. The business’s fifty day moving average price is $532.18 and its two-hundred day moving average price is $498.04. The stock has a market capitalization of $43.71 billion, a PE ratio of 11.73, 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 quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS 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 firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the business posted $9.11 earnings per share. Ameriprise Financial’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.
Ameriprise Financial announced that its board has authorized a stock buyback program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In other news, SVP Dawn Brockman sold 472 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares of the company’s stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Williams sold 8,210 shares of Ameriprise Financial 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 completion of the sale, the insider owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company’s stock.
Ameriprise Financial Profile
Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.
Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.
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