Ameriprise Financial, Inc. $AMP Shares Acquired by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 5,429.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 92,348 shares of the financial services provider’s stock after purchasing an additional 90,678 shares during the period. Ameriprise Financial comprises about 0.6% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 26th largest position. First Citizens Bank & Trust Co.’s holdings in Ameriprise Financial were worth $45,468,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Twin Lakes Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ameriprise Financial in the 2nd quarter worth about $28,000. Cassaday & Co Wealth Management LLC purchased a new position in Ameriprise Financial during the 1st quarter valued at about $28,000. Fiduciary Financial Advisors purchased a new position in Ameriprise Financial during the 2nd quarter valued at about $30,000. Finally, Retirement Wealth Solutions LLC lifted its position in Ameriprise Financial by 7,300.0% during the 3rd quarter. Retirement Wealth Solutions LLC now owns 74 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 73 shares during the period. Institutional investors own 83.95% of the company’s stock.

Insider Activity

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction that occurred 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 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William Williams sold 8,210 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 in the last quarter. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Trading Down 1.4%

NYSE AMP opened at $493.03 on Wednesday. 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 $44.32 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.03 and a beta of 1.16. The stock’s fifty day moving average price is $537.16 and its 200-day moving average price is $496.54. 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 posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. Ameriprise Financial’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.11 EPS. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

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

Ameriprise Financial Dividend Announcement

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

Analyst Ratings Changes

AMP has been the topic of several research reports. Bank of America reissued a “buy” rating and set a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Evercore decreased their target price on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Piper Sandler lifted their target price on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Argus lifted their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $572.55.

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.