Ameriprise Financial, Inc. $AMP Stock: TD Waterhouse Canada Inc. Grows Stake

TD Waterhouse Canada Inc. increased its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 71.8% during the third quarter, HoldingsChannel.com reports. The fund owned 54,683 shares of the financial services provider’s stock after purchasing an additional 22,852 shares during the period. TD Waterhouse Canada Inc.’s holdings in Ameriprise Financial were worth $26,923,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AMP. 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 during the last quarter. Envestnet Asset Management Inc. grew its holdings in Ameriprise Financial by 960.8% during 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 last quarter. Assenagon Asset Management S.A. raised its position in shares of Ameriprise Financial by 980.8% in the third quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock valued at $1,019,036,000 after purchasing an additional 1,878,244 shares during the period. Artemis Investment Management LLP bought a new position in shares of Ameriprise Financial in the third quarter valued at approximately $925,211,000. Finally, Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial in the third quarter worth $575,767,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the business’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 approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Williams sold 8,210 shares of the company’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 transaction, the insider directly owned 6,780 shares of the company’s stock, valued at $3,656,793. This represents a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

AMP has been the subject of several recent analyst reports. Argus upped their price objective on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada lifted their target price on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Jefferies Financial Group dropped their target price on shares of Ameriprise Financial from $645.00 to $638.00 in a report on Monday, October 12th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. One equities research 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $572.55.

Ameriprise Financial Stock Performance

AMP opened at $500.91 on Friday. The firm has a market capitalization of $45.03 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The stock’s 50 day moving average price is $533.72 and its two-hundred day moving average price is $497.36. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56.

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

Ameriprise Financial announced that its Board of Directors has approved a share buyback program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

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

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.