Ameriprise Financial, Inc. $AMP Shares Newly Bought by New England Research & Management Inc.

New England Research & Management Inc. bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, Holdings Channel.com reports. The firm bought 53,854 shares of the financial services provider’s stock, valued at approximately $26,515,000. Ameriprise Financial accounts for approximately 10.1% of New England Research & Management Inc.’s portfolio, making the stock its largest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted 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 worth $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Assenagon Asset Management S.A. boosted its stake in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares during the period. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial during the 3rd quarter valued at approximately $925,211,000. Finally, Douglas Lane & Associates LLC purchased a new stake in Ameriprise Financial during the 3rd quarter valued at approximately $575,767,000. Institutional investors own 83.95% of the company’s stock.

Insider Activity

In related news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 over the last 90 days. Insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Down 0.3%

NYSE:AMP traded down $1.67 during midday trading on Friday, hitting $500.91. 581,724 shares of the company traded hands, compared to its average volume of 647,053. The firm has a market capitalization of $45.03 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. The firm’s fifty day moving average is $533.72 and its 200-day moving average is $497.36. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. 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 data 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. 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 analyst estimates of $4.87 billion. During the same period in the previous year, the firm earned $9.11 earnings per share. Ameriprise Financial’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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

Ameriprise Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMP. Raymond James Financial upped their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 21st. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Evercore decreased their price target on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Finally, Royal Bank Of Canada increased their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. One 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. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of “Moderate Buy” and an average 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.