10,139 Shares in Ameriprise Financial, Inc. $AMP Acquired by Successful Portfolios LLC

Successful Portfolios LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 10,139 shares of the financial services provider’s stock, valued at approximately $4,992,000. Ameriprise Financial accounts for 2.3% of Successful Portfolios LLC’s holdings, making the stock its 13th biggest position.

A number of other large investors have also recently made changes to their positions in AMP. Avity Investment Management Inc. purchased a new position in shares of Ameriprise Financial during the third quarter valued at approximately $136,525,000. Avaii Wealth Management LLC bought a new stake in Ameriprise Financial in the third quarter valued at $2,428,000. Riversedge Advisors LLC purchased a new position in Ameriprise Financial during the 3rd quarter valued at $239,000. Wedmont Private Capital increased its position in Ameriprise Financial by 537.4% during the 3rd quarter. Wedmont Private Capital now owns 22,780 shares of the financial services provider’s stock valued at $11,216,000 after purchasing an additional 19,206 shares during the period. Finally, Lawood & Co. bought a new position in Ameriprise Financial in the 3rd quarter worth $11,636,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Up 0.3%

Shares of AMP traded up $1.48 during mid-day trading on Friday, reaching $500.56. The company had a trading volume of 487,136 shares, compared to its average volume of 643,844. 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 company has a market capitalization of $45.00 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The firm has a 50-day moving average price of $540.34 and a 200 day moving average price of $495.47. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the company earned $9.11 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders 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 yield of 1.4%. Ameriprise Financial’s payout ratio is 16.40%.

Insider Activity

In related news, CFO Walter Berman sold 11,012 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer owned 5,609 shares of the company’s stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $263,814.96. Following the completion of 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

AMP has been the topic of a number of research reports. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Morgan Stanley decreased their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research note on Friday. Keefe, Bruyette & Woods raised their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Bank of America reaffirmed a “buy” rating and set a $570.00 price objective on shares of Ameriprise Financial in a research report on Monday. Finally, Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $558.00.

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.