6,000 Shares in Ameriprise Financial, Inc. $AMP Acquired by Sanders Morris Harris LLC

Sanders Morris Harris LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,000 shares of the financial services provider’s stock, valued at approximately $2,954,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp grew its holdings in shares of Ameriprise Financial by 1,279.7% in the second 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. increased its stake in shares of 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 worth $1,537,817,000 after buying an additional 3,036,128 shares during the period. Artemis Investment Management LLP purchased a new position in shares of Ameriprise Financial in the third quarter worth $925,211,000. Douglas Lane & Associates LLC bought a new stake in Ameriprise Financial during the 3rd quarter valued at $575,767,000. Finally, Dimensional Fund Advisors LP raised its holdings in Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after buying an additional 19,731 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Walter Berman sold 11,012 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. Insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. BMO Capital Markets decreased their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 6th. Raymond James Financial upped their price objective on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research note on Friday, August 21st. Zacks Research lowered shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Finally, Piper Sandler raised their target price on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $572.55.

Ameriprise Financial Trading Up 0.6%

NYSE:AMP traded up $2.87 during trading hours on Wednesday, hitting $496.19. The company had a trading volume of 456,143 shares, compared to its average volume of 640,076. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a 50-day moving average price of $537.16 and a 200 day moving average price of $496.54. The company has a market capitalization of $44.61 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last issued 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 business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the business earned $9.11 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

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

Ameriprise Financial Announces Dividend

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