Legacy Wealth Asset Management LLC Buys 13,263 Shares of Ameriprise Financial, Inc. $AMP

Legacy Wealth Asset Management LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,263 shares of the financial services provider’s stock, valued at approximately $6,530,000. Ameriprise Financial comprises 1.4% of Legacy Wealth Asset Management LLC’s investment portfolio, making the stock its 9th biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hardin Capital Partners LLC acquired a new stake in shares of Ameriprise Financial in the 3rd quarter valued at about $27,019,000. Inspirion Wealth Advisors LLC acquired a new position in Ameriprise Financial during the third quarter worth approximately $8,365,000. LifeGoal Investments LLC acquired a new position in Ameriprise Financial during the third quarter worth approximately $247,000. Monument Capital Management purchased a new stake in Ameriprise Financial in the third quarter valued at approximately $11,325,000. Finally, Mn Services Vermogensbeheer B.V. lifted its stake in Ameriprise Financial by 1,367.7% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 388,012 shares of the financial services provider’s stock valued at $191,038,000 after buying an additional 361,575 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 1.7%

Shares of Ameriprise Financial stock opened at $498.80 on Friday. The company has a market cap of $44.84 billion, a P/E ratio of 12.03, a PEG ratio of 1.01 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The firm has a fifty day moving average of $540.34 and a two-hundred day moving average of $495.47.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned $9.11 EPS. On average, analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors 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 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is 16.40%.

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

Wall Street Analysts Forecast Growth

AMP has been the topic of a number of research reports. Zacks Research lowered shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. BMO Capital Markets lowered their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Ameriprise Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $558.67.

Insiders Place Their Bets

In other Ameriprise Financial news, 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 completion of the sale, the executive vice president owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company’s stock, valued at $3,656,793. This trade represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial 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.