1,428 Shares in Ameriprise Financial, Inc. $AMP Acquired by South Shore Capital Advisors

South Shore Capital Advisors bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,428 shares of the financial services provider’s stock, valued at approximately $703,000.

A number of other institutional investors have also made changes to their positions in the company. Bank Pictet & Cie Europe AG lifted its stake in Ameriprise Financial by 5.8% during the third quarter. Bank Pictet & Cie Europe AG now owns 1,310 shares of the financial services provider’s stock worth $645,000 after purchasing an additional 72 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Ameriprise Financial by 1.6% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,942 shares of the financial services provider’s stock worth $5,880,000 after buying an additional 186 shares during the last quarter. CWA Asset Management Group LLC lifted its position in shares of Ameriprise Financial by 6.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 605 shares of the financial services provider’s stock worth $298,000 after buying an additional 34 shares during the last quarter. Novem Group grew its position in shares of Ameriprise Financial by 0.9% during the 3rd quarter. Novem Group now owns 2,303 shares of the financial services provider’s stock valued at $1,134,000 after buying an additional 21 shares during the last quarter. Finally, Trellis Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at about $37,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

Shares of AMP traded up $5.83 during midday trading on Tuesday, hitting $486.24. 148,697 shares of the stock traded hands, compared to its average volume of 637,097. The business’s 50 day moving average price is $532.18 and its two-hundred day moving average price is $498.04. The firm has a market capitalization of $43.71 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year 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. 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 for the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter last year, the company earned $9.11 EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial announced that its board has approved a stock repurchase plan on Tuesday, September 29th that allows the company to buy back $5.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Argus lifted their target price on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Raymond James Financial increased their price target on Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 21st. Finally, Piper Sandler raised their price target on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $557.00.

Insider Activity

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the sale, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.