10,882 Ameriprise Financial, Inc. $AMP Shares Purchased by First County Bank CT

First County Bank CT lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 660.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 12,529 shares of the financial services provider’s stock after buying an additional 10,882 shares during the quarter. Ameriprise Financial accounts for 2.7% of First County Bank CT’s portfolio, making the stock its 7th biggest position. First County Bank CT’s holdings in Ameriprise Financial were worth $6,169,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State Street Corp raised its holdings in shares of Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. grew its holdings in Ameriprise Financial by 960.8% during the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Artemis Investment Management LLP bought a new position in Ameriprise Financial during the third quarter valued at $925,211,000. Douglas Lane & Associates LLC purchased a new stake in Ameriprise Financial in the third quarter worth $575,767,000. Finally, Bank of America Corp DE purchased a new stake in Ameriprise Financial in the second quarter worth $320,948,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other 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 transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William Williams sold 8,210 shares of the stock in a transaction dated 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 directly owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% 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 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded down $7.43 during trading on Tuesday, hitting $492.58. 81,583 shares of the company were exchanged, compared to its average volume of 639,261. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56. The stock has a 50 day moving average of $538.37 and a 200 day moving average of $496.25. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $44.28 billion, a PE ratio of 11.87, a P/E/G ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the previous year, the business earned $9.11 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Ameriprise Financial, Inc. will post 46.17 EPS for the current year.

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

Ameriprise Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on AMP shares. Bank of America restated a “buy” rating and issued a $570.00 target price on shares of Ameriprise Financial in a research note on Monday, October 5th. Piper Sandler increased their price target on 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 downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. BMO Capital Markets decreased their price objective on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $558.00.

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.