Mirae Asset Global Investments Co. Ltd. Makes New $11.99 Million Investment in Ameriprise Financial, Inc. $AMP

Mirae Asset Global Investments Co. Ltd. acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 24,351 shares of the financial services provider’s stock, valued at approximately $11,989,000.

A number of other large investors have also modified their holdings of AMP. State Street Corp boosted its stake in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. grew its position in Ameriprise Financial by 960.8% in 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 purchasing an additional 3,036,128 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of Ameriprise Financial in the third quarter valued at approximately $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial in the third quarter valued at approximately $575,767,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Buying and Selling

In related 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 owned 3,373 shares in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dawn Brockman sold 472 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AMP shares. Raymond James Financial lifted their price target on Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a report on Friday, August 21st. The Goldman Sachs Group decreased their price objective on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Bank of America cut Ameriprise Financial from a “buy” rating to an “underperform” rating and lowered their target price for the company from $570.00 to $445.00 in a research report on Monday, October 19th. 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 note on Friday, July 24th. Finally, Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and a consensus price target of $557.00.

Ameriprise Financial Stock Performance

Shares of AMP opened at $504.98 on Wednesday. The firm has a 50-day moving average price of $517.40 and a 200 day moving average price of $493.01. The firm has a market capitalization of $43.84 billion, a PE ratio of 11.36, a P/E/G ratio of 1.08 and a beta of 1.13. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same period in the previous year, the business posted $9.92 EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.08 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has authorized a stock buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Share buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Monday, November 9th will be issued a $1.70 dividend. The ex-dividend date is Monday, November 9th. This represents a $6.80 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is 15.30%.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.