PFW Advisors LLC Purchases 4,975 Shares of Ameriprise Financial, Inc. $AMP

PFW Advisors LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, HoldingsChannel.com reports. The fund acquired 4,975 shares of the financial services provider’s stock, valued at approximately $2,449,000. Ameriprise Financial accounts for approximately 0.7% of PFW Advisors LLC’s holdings, making the stock its 27th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. EP Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $1,704,000. Neville Rodie & Shaw Inc. boosted its holdings in Ameriprise Financial by 4,524.8% in the third quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock valued at $16,076,000 after purchasing an additional 31,945 shares during the last quarter. Ballew Advisors Inc acquired a new stake in Ameriprise Financial during the 3rd quarter valued at approximately $4,112,000. Iowa State Bank purchased a new stake in Ameriprise Financial during the 3rd quarter worth approximately $31,154,000. Finally, KBC Group NV increased its holdings in Ameriprise Financial by 43.7% during the 2nd quarter. KBC Group NV now owns 215,126 shares of the financial services provider’s stock worth $98,691,000 after purchasing an additional 65,400 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock traded down $4.75 during trading hours on Wednesday, reaching $491.86. The company’s stock had a trading volume of 171,637 shares, compared to its average volume of 643,658. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The company’s 50 day simple moving average is $542.29 and its 200 day simple moving average is $494.64. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $44.22 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 0.89 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share 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 firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $9.11 earnings per share. Ameriprise Financial’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts expect that Ameriprise Financial, Inc. will post 46.19 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its board has authorized a share buyback plan 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 reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

AMP has been the subject of several research analyst reports. Jefferies Financial Group increased their target price 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 upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Piper Sandler upped their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, BMO Capital Markets decreased their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Ameriprise Financial has a consensus rating of “Moderate Buy” and an average price target of $559.80.

Insider Buying and Selling

In related news, CFO Walter Berman sold 11,012 shares of the company’s stock in a transaction on 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Dawn Brockman sold 472 shares of the firm’s stock in a transaction on 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 sale, the senior vice president owned 713 shares in the company, valued at $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by company insiders.

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.