Ameriprise Financial, Inc. $AMP Holdings Boosted by Graves Light Lenhart Wealth Inc.

Graves Light Lenhart Wealth Inc. increased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 11,224.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 50,958 shares of the financial services provider’s stock after purchasing an additional 50,508 shares during the quarter. Ameriprise Financial accounts for about 2.3% of Graves Light Lenhart Wealth Inc.’s holdings, making the stock its 13th biggest holding. Graves Light Lenhart Wealth Inc.’s holdings in Ameriprise Financial were worth $25,089,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Legacy Wealth Asset Management LLC bought a new stake in Ameriprise Financial during the 3rd quarter valued at $6,530,000. Hardin Capital Partners LLC bought a new position in shares of Ameriprise Financial in the 3rd quarter worth $27,019,000. Inspirion Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth $8,365,000. LifeGoal Investments LLC purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth $247,000. Finally, Monument Capital Management purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth $11,325,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by insiders.

Ameriprise Financial Stock Up 1.7%

Ameriprise Financial stock opened at $498.80 on Friday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The business has a fifty day moving average price of $540.34 and a 200-day moving average price of $495.47. 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 stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the company posted $9.11 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

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

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is presently 16.40%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Jefferies Financial Group lifted 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. Bank of America restated a “buy” rating and issued a $570.00 price target on shares of Ameriprise Financial in a report on Monday. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. 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, Piper Sandler boosted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $558.67.

Ameriprise Financial Company 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.