Viking Fund Management LLC Acquires 14,000 Shares of Ameriprise Financial, Inc. $AMP

Viking Fund Management LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 14,000 shares of the financial services provider’s stock, valued at approximately $6,893,000.

A number of other large investors have also recently made changes to their positions in AMP. Neville Rodie & Shaw Inc. increased its holdings in Ameriprise Financial by 4,524.8% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock worth $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 in the third quarter worth approximately $4,162,000. EP Wealth Advisors LLC bought a new position in shares of Ameriprise Financial in the second quarter valued at approximately $1,704,000. Ballew Advisors Inc bought a new position in shares of Ameriprise Financial in the third quarter valued at approximately $4,112,000. Finally, Venture Visionary Partners LLC lifted its holdings in shares of Ameriprise Financial by 701.7% in the third quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider’s stock valued at $60,948,000 after purchasing an additional 108,348 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. The Goldman Sachs Group lowered their price target on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Bank of America restated a “buy” rating and set a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Raymond James Financial raised their price objective on Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research note on Friday, August 21st. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $572.55.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $496.19 on Thursday. The company has a market capitalization of $44.61 billion, a PE ratio of 11.97, a PEG ratio of 1.01 and a beta of 1.16. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock’s 50 day moving average price is $535.87 and its 200-day moving average price is $496.87. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56.

Ameriprise Financial (NYSE:AMP) 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. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. Ameriprise Financial’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the business posted $9.11 earnings per share. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders 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 yield of 1.4%. Ameriprise Financial’s payout ratio is currently 16.40%.

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Share repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on 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 directly owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $4,428,063.50. Following the sale, the insider owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last 90 days. Company insiders own 0.60% of the company’s stock.

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.