Stone Summit Wealth LLC Makes New Investment in Ameriprise Financial, Inc. $AMP

Stone Summit Wealth LLC bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,500 shares of the financial services provider’s stock, valued at approximately $2,708,000.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. boosted its stake 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 worth $1,537,817,000 after acquiring an additional 3,036,128 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the third quarter worth about $925,211,000. Douglas Lane & Associates LLC bought a new position in shares of Ameriprise Financial during the third quarter valued at approximately $575,767,000. Finally, Bank of America Corp DE bought a new position in shares of Ameriprise Financial during the second quarter valued at approximately $320,948,000. 83.95% of the stock is currently owned by institutional investors.

Insider Activity at Ameriprise Financial

In related news, SVP Dawn M. Brockman sold 472 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Berman sold 11,012 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 29,988 shares of company stock valued at $16,316,497. Insiders own 0.60% of the company’s stock.

Ameriprise Financial Stock Down 1.4%

Ameriprise Financial stock opened at $493.03 on Wednesday. The firm has a market cap of $44.32 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. The stock has a fifty day simple moving average of $537.16 and a two-hundred day simple moving average of $496.54. 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 released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS 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 for the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the firm posted $9.11 earnings per share. Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. Equities analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share repurchase plan on Tuesday, September 29th that permits the company to buy back $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on AMP shares. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Evercore lowered their price objective on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Finally, The Goldman Sachs Group dropped their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a research note on Friday, October 2nd. One equities 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $572.55.

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.