9,052 Shares in Ameriprise Financial, Inc. $AMP Bought by Patriot Investment Management Group Inc.

Patriot Investment Management Group Inc. bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, HoldingsChannel reports. The firm bought 9,052 shares of the financial services provider’s stock, valued at approximately $4,457,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Daytona Street Capital LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter worth $33,000. NFSG Corp grew its position in Ameriprise Financial by 3,276.0% in the third quarter. NFSG Corp now owns 844 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 819 shares in the last quarter. Murphy Middleton Hinkle & Parker Inc. bought a new position in Ameriprise Financial in the third quarter valued at $6,942,000. SLT Holdings LLC bought a new position in Ameriprise Financial in the third quarter valued at $4,431,000. Finally, Whitener Capital Management Inc. bought a new position in Ameriprise Financial in the third quarter valued at $56,039,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on AMP. Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Piper Sandler upped their price objective on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Morgan Stanley cut their price objective on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a report on Friday, October 9th. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, Argus raised their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $572.55.

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction 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 trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $4,428,063.50. Following 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. Over the last three months, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Up 1.3%

Shares of AMP opened at $502.32 on Friday. The firm has a market cap of $45.16 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 1.02 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 fifty-two week low of $422.37 and a fifty-two week high of $572.56. The firm has a 50 day moving average price of $534.72 and a 200-day moving average price of $497.33.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the company earned $9.11 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.