8,351 Shares in Ameriprise Financial, Inc. $AMP Acquired by Ballew Advisors Inc

Ballew Advisors Inc purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent filing with the SEC. The firm purchased 8,351 shares of the financial services provider’s stock, valued at approximately $4,112,000. Ameriprise Financial accounts for 2.0% of Ballew Advisors Inc’s portfolio, making the stock its 10th biggest holding.

A number of other hedge funds have also recently made changes to their positions in the stock. EP Wealth Advisors LLC purchased a new position in Ameriprise Financial in the second quarter worth $1,704,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Ameriprise Financial by 2.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock valued at $374,920,000 after purchasing an additional 22,819 shares during the last quarter. KBC Group NV increased its holdings in Ameriprise Financial by 43.7% in the 2nd quarter. KBC Group NV now owns 215,126 shares of the financial services provider’s stock worth $98,691,000 after buying an additional 65,400 shares during the period. Principal Financial Group Inc. increased its stake in shares of Ameriprise Financial by 10.6% in the second quarter. Principal Financial Group Inc. now owns 246,083 shares of the financial services provider’s stock worth $112,893,000 after acquiring an additional 23,618 shares during the period. Finally, Ausdal Financial Partners Inc. acquired a new stake in Ameriprise Financial during the 2nd quarter worth about $485,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Up 0.9%

NYSE AMP traded up $4.31 during trading hours on Monday, reaching $495.22. The company had a trading volume of 578,998 shares, compared to its average volume of 646,663. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $44.52 billion, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 0.88 and a beta of 1.16. The stock has a 50-day moving average of $544.14 and a 200 day moving average of $493.79. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced 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 business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the business earned $9.11 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

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

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Bank of America reaffirmed a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Morgan Stanley raised their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $556.80.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $1,339,872.00. Following the transaction, the executive vice president 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. Insiders sold 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by company insiders.

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.