277,292 Shares of Ameriprise Financial, Inc. $AMP Bought by Avity Investment Management Inc.

Avity Investment Management Inc. bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 277,292 shares of the financial services provider’s stock, valued at approximately $136,525,000. Ameriprise Financial accounts for approximately 8.3% of Avity Investment Management Inc.’s investment portfolio, making the stock its largest holding.

Several other hedge funds also recently modified their holdings of AMP. State Street Corp raised its stake in shares of Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after buying an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Artemis Investment Management LLP acquired a new stake in Ameriprise Financial during the 3rd quarter worth $925,211,000. Douglas Lane & Associates LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at $575,767,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after acquiring an additional 19,731 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 0.3%

Shares of Ameriprise Financial stock traded up $1.48 during trading hours on Friday, reaching $500.56. 487,136 shares of the company’s stock were exchanged, compared to its average volume of 643,844. 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 has a 50 day moving average of $540.34 and a two-hundred day moving average of $495.47. The stock has a market cap of $45.00 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.11 EPS. On average, sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

Ameriprise Financial announced that its board has authorized a stock buyback program on Tuesday, September 29th that permits the company to buyback $5.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMP. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Piper Sandler lifted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $558.00.

Insider Transactions at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last three months. Company insiders own 0.60% of the company’s stock.

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.