Ameriprise Financial, Inc. $AMP Stock: Rakuten Investment Management Inc. Grows Holdings

Rakuten Investment Management Inc. boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,956 shares of the financial services provider’s stock after buying an additional 1,207 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Ameriprise Financial were worth $7,935,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Twin Lakes Capital Management LLC acquired a new position in shares of Ameriprise Financial during the second quarter valued at approximately $25,000. Balance Wealth Partners LLC purchased a new position in shares of Ameriprise Financial in the third quarter valued at approximately $27,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial in the second quarter valued at approximately $28,000. City State Bank boosted its stake in shares of Ameriprise Financial by 264.7% in the third quarter. City State Bank now owns 62 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 45 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the first quarter worth approximately $28,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Stock Down 3.5%

AMP stock opened at $508.90 on Friday. The company has a market cap of $44.18 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.12 and a beta of 1.13. The company has a current ratio of 0.68, a quick ratio of 0.71 and a debt-to-equity ratio of 1.13. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The firm has a 50-day moving average of $515.70 and a two-hundred day moving average of $493.11.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.10 billion. During the same quarter last year, the company earned $9.92 earnings per share. Ameriprise Financial’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, analysts forecast that Ameriprise Financial, Inc. will post 46.29 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. Argus raised their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada raised their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Raymond James Financial lifted their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 21st. Finally, Morgan Stanley dropped their target price on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $557.00.

Insiders Place Their Bets

In other Ameriprise Financial news, SVP Dawn Brockman sold 472 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president owned 713 shares of the company’s stock, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Profile

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.