Brown Lisle Cummings Inc. Buys 1,340 Shares of Ameriprise Financial, Inc. $AMP

Brown Lisle Cummings Inc. raised its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 5,583.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,364 shares of the financial services provider’s stock after buying an additional 1,340 shares during the period. Brown Lisle Cummings Inc.’s holdings in Ameriprise Financial were worth $672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AMP. State Street Corp raised its holdings in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after purchasing an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Ameriprise Financial by 980.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after acquiring an additional 1,878,244 shares during the period. Artemis Investment Management LLP bought a new position in shares of Ameriprise Financial in the 3rd quarter worth about $925,211,000. Finally, Douglas Lane & Associates LLC bought a new position in shares of Ameriprise Financial in the 3rd quarter worth about $575,767,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $500.91 on Friday. The firm has a 50-day moving average of $533.72 and a 200-day moving average of $497.36. The company has a market cap of $45.03 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results 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 net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the firm earned $9.11 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has approved a share buyback program on Tuesday, September 29th that allows the company to buy back $5.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Announces Dividend

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

Insider Activity

In other news, insider William Williams sold 8,210 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Piper Sandler boosted their price target on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Royal Bank Of Canada raised their price objective on shares of Ameriprise Financial from $560.00 to $595.00 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 note on Thursday, September 3rd. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Finally, Bank of America reissued a “buy” rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $572.55.

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.