1,169,427 Shares of Ameriprise Financial, Inc. $AMP Acquired by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 1,169,427 shares of the financial services provider’s stock, valued at approximately $575,767,000. Ameriprise Financial accounts for about 7.0% of Douglas Lane & Associates LLC’s holdings, making the stock its biggest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AMP. Neville Rodie & Shaw Inc. raised its holdings in shares of Ameriprise Financial by 4,524.8% during 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 acquiring an additional 31,945 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the second quarter worth $1,704,000. Ballew Advisors Inc purchased a new position in Ameriprise Financial during the third quarter valued at $4,112,000. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Ameriprise Financial in the 3rd quarter worth about $4,162,000. Finally, Iowa State Bank bought a new position in shares of Ameriprise Financial during the third quarter valued at approximately $31,154,000. Institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on AMP shares. Morgan Stanley reduced their target price on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. 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, Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $558.00.

Ameriprise Financial Price Performance

AMP traded up $2.68 during trading hours on Friday, hitting $501.76. The company’s stock had a trading volume of 141,042 shares, compared to its average volume of 641,979. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The stock has a market cap of $45.11 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.01 and a beta of 1.16. The business’s 50-day moving average price is $540.34 and its 200-day moving average price is $495.47. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.11 earnings per share. Sell-side analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

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

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.