Legacy Wealth Asset Management LLC Purchases 13,263 Shares of Ameriprise Financial, Inc. $AMP

Legacy Wealth Asset Management LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, Holdings Channel reports. The fund acquired 13,263 shares of the financial services provider’s stock, valued at approximately $6,530,000. Ameriprise Financial makes up approximately 1.4% of Legacy Wealth Asset Management LLC’s investment portfolio, making the stock its 9th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in AMP. Hardin Capital Partners LLC acquired a new stake in shares of Ameriprise Financial in the third quarter valued at approximately $27,019,000. Inspirion Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $8,365,000. LifeGoal Investments LLC acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $247,000. Monument Capital Management purchased a new stake in Ameriprise Financial in the 3rd quarter valued at approximately $11,325,000. Finally, Mn Services Vermogensbeheer B.V. grew its holdings in Ameriprise Financial by 1,367.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 388,012 shares of the financial services provider’s stock valued at $191,038,000 after buying an additional 361,575 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMP has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. 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. BMO Capital Markets reduced their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a report on Tuesday. Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Finally, Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $558.67.

Ameriprise Financial Stock Performance

NYSE AMP opened at $498.80 on Friday. The business’s 50-day moving average price is $540.34 and its 200 day moving average price is $495.47. 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 twelve month low of $422.37 and a twelve month high of $572.56. The company has a market capitalization of $44.84 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating 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 company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the company posted $9.11 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, research analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is currently 16.40%.

Ameriprise Financial declared that its board has approved a stock buyback plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding 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 typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the 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 transaction, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction on Tuesday, July 28th. The shares were 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 in the company, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company’s stock.

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.