Triangle Securities Wealth Management Makes New Investment in Ameriprise Financial, Inc. $AMP

Triangle Securities Wealth Management bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 15,188 shares of the financial services provider’s stock, valued at approximately $7,478,000. Ameriprise Financial makes up 1.4% of Triangle Securities Wealth Management’s portfolio, making the stock its 19th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in AMP. State Street Corp increased its holdings in Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Ameriprise Financial by 960.8% in the second 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 period. Artemis Investment Management LLP purchased a new position in Ameriprise Financial in the third quarter valued at about $925,211,000. Douglas Lane & Associates LLC acquired a new position in shares of Ameriprise Financial during the third quarter worth about $575,767,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Ameriprise Financial by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after purchasing an additional 19,731 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

AMP opened at $496.19 on Thursday. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.97, a PEG ratio of 1.01 and a beta of 1.16. The company has a 50-day moving average of $535.87 and a 200-day moving average of $496.87. 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 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last issued its quarterly 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 business had revenue of $4.90 billion for 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 company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $9.11 earnings per share. Equities analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial announced that its board has authorized a stock repurchase plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is 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 dividend of $1.70 per share. 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 is presently 16.40%.

Insider Transactions at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the business’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 completion of the sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMP. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Piper Sandler raised their target price on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Morgan Stanley reduced their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a research report on Friday, October 9th. Evercore reduced their price target on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Finally, Zacks Research cut 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 issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.