Ameriprise Financial, Inc. $AMP Shares Newly Purchased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,454 shares of the financial services provider’s stock, valued at approximately $4,162,000.

A number of other institutional investors also recently bought and sold shares of AMP. SouthState Bank Corp grew its stake in shares of Ameriprise Financial by 78.6% in the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares during the period. Twin Lakes Capital Management LLC purchased a new stake in shares of Ameriprise Financial during the 2nd quarter valued at approximately $25,000. Cassaday & Co Wealth Management LLC acquired a new position in Ameriprise Financial in the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial in the second quarter valued at approximately $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in Ameriprise Financial during the second quarter worth $30,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 approximately $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial 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 completion of the transaction, the executive vice president owned 3,373 shares of the company’s stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last three months. 0.60% of the stock is currently owned by company insiders.

Ameriprise Financial Trading Down 1.4%

NYSE:AMP traded down $6.85 during trading hours on Wednesday, reaching $489.76. 432,420 shares of the stock were exchanged, compared to its average volume of 645,109. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The business has a 50-day moving average of $542.29 and a two-hundred day moving average of $494.64. The company has a market capitalization of $44.03 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.89 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.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $9.11 earnings per share. On average, equities analysts predict that Ameriprise Financial, Inc. will post 46.19 EPS for the current year.

Ameriprise Financial announced that its board has authorized a share repurchase program on Tuesday, September 29th that authorizes the company to buyback $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on AMP. BMO Capital Markets decreased their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research note on Tuesday. Bank of America restated a “buy” rating and issued a $570.00 price objective on shares of Ameriprise Financial in a report on Monday. Jefferies Financial Group upped their target price 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. Keefe, Bruyette & Woods increased 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 note on Friday, July 24th. Finally, Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $559.80.

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.