Stonebridge Financial Group LLC Buys New Holdings in Ameriprise Financial, Inc. $AMP

Stonebridge Financial Group LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,237 shares of the financial services provider’s stock, valued at approximately $5,040,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SouthState Bank Corp increased its stake in Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 22 shares during the last quarter. Twin Lakes Capital Management LLC acquired a new position in Ameriprise Financial during the second quarter valued at approximately $25,000. Cassaday & Co Wealth Management LLC bought a new stake in Ameriprise Financial during the first quarter worth $28,000. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial during the second quarter worth $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in shares of Ameriprise Financial in the 2nd quarter valued at $30,000. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the company’s 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 owned 5,609 shares of the company’s stock, valued at $3,079,060.55. This represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Dawn Brockman sold 472 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president owned 713 shares of the company’s stock, valued at $398,517.09. This represents a 39.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,988 shares of company stock worth $16,316,497 in the last 90 days. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Price Performance

Ameriprise Financial stock traded up $1.82 during mid-day trading on Thursday, reaching $494.17. The company had a trading volume of 579,916 shares, compared to its average volume of 647,920. The business has a fifty day simple moving average of $545.45 and a 200 day simple moving average of $493.05. The company has a market cap of $44.43 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.89 and a beta of 1.14. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week 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.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results 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 net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the prior year, the business earned $9.11 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current year.

Ameriprise Financial announced that its board has approved a stock repurchase program 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 purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given 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 yield of 1.4%. Ameriprise Financial’s payout ratio is currently 16.40%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AMP. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Jefferies Financial Group raised their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Morgan Stanley lifted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $555.33.

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.