HF Advisory Group LLC Purchases 72,628 Shares of Ameriprise Financial, Inc. $AMP

HF Advisory Group LLC purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 72,628 shares of the financial services provider’s stock, valued at approximately $35,758,000. Ameriprise Financial comprises approximately 8.4% of HF Advisory Group LLC’s investment portfolio, making the stock its 2nd largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Rexford Capital Inc. boosted its stake in Ameriprise Financial by 19.5% during the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider’s stock worth $65,000 after buying an additional 24 shares during the period. North Dakota State Investment Board boosted its position in shares of Ameriprise Financial by 0.9% during the 2nd quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock worth $1,246,000 after purchasing an additional 24 shares during the period. HBK Sorce Advisory LLC boosted its position in shares of Ameriprise Financial by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 24 shares during the period. Fulton Bank N.A. increased its holdings in Ameriprise Financial by 0.4% in the 2nd quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider’s stock valued at $3,068,000 after purchasing an additional 25 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its position in Ameriprise Financial by 5.0% in the second quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 25 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

AMP stock opened at $500.56 on Friday. The business has a 50 day moving average price of $539.41 and a 200 day moving average price of $495.50. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $45.00 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.02 and a beta of 1.16. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The company 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 firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $9.11 earnings per share. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 29th that allows the company to buy back $5.50 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Bank of America restated a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. BMO Capital Markets cut their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a report on Tuesday. Morgan Stanley lowered their price objective on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research report on Friday. Piper Sandler raised their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $558.00.

Insider Activity at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,883,078.44. This represents a 41.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dawn M. Brockman sold 472 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Company 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.