Ameriprise Financial, Inc. $AMP Holdings Increased by Forvis Mazars Wealth Advisors LLC

Forvis Mazars Wealth Advisors LLC grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 268.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,343 shares of the financial services provider’s stock after acquiring an additional 11,912 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Ameriprise Financial were worth $8,046,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Twin Lakes Capital Management LLC purchased a new position in shares of Ameriprise Financial during the 2nd quarter worth about $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the second quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ameriprise Financial in the first quarter valued at approximately $28,000. Fiduciary Financial Advisors purchased a new stake in Ameriprise Financial in the second quarter valued at approximately $30,000. Finally, Retirement Wealth Solutions LLC grew its holdings in Ameriprise Financial by 7,300.0% in the third quarter. Retirement Wealth Solutions LLC now owns 74 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 73 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Trading Down 1.4%

Shares of Ameriprise Financial stock traded down $6.99 during trading hours on Tuesday, reaching $493.03. The stock had a trading volume of 420,778 shares, compared to its average volume of 641,015. The firm has a 50 day simple moving average of $538.37 and a two-hundred day simple moving average of $496.25. The firm has a market capitalization of $44.32 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 1.03 and a beta of 1.16. 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, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.11 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.17 earnings per share for the current year.

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

Ameriprise Financial Announces Dividend

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

Insider Buying and Selling at Ameriprise Financial

In other news, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction on Thursday, August 6th. The shares were 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Dawn Brockman sold 472 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares of the company’s stock, valued at $398,517.09. The trade was a 39.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock valued at $16,316,497 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMP. The Goldman Sachs Group dropped their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. BMO Capital Markets lowered their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research note on Tuesday, October 6th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Finally, Evercore dropped their price objective on Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.