6,900 Shares in Ameriprise Financial, Inc. $AMP Purchased by Three Magnolias Financial Advisors LLC

Three Magnolias Financial Advisors LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,900 shares of the financial services provider’s stock, valued at approximately $3,397,000. Ameriprise Financial comprises 2.0% of Three Magnolias Financial Advisors LLC’s portfolio, making the stock its 16th biggest holding.

A number of other hedge funds have also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Ameriprise Financial by 252.7% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 388 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 278 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in Ameriprise Financial by 5,429.8% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 92,348 shares of the financial services provider’s stock worth $45,468,000 after acquiring an additional 90,678 shares in the last quarter. Fearless Solutions LLC dba Best Invest purchased a new position in Ameriprise Financial in the third quarter valued at $18,673,000. Focus Financial Network Inc. raised its position in shares of Ameriprise Financial by 1,310.2% during the 3rd quarter. Focus Financial Network Inc. now owns 11,944 shares of the financial services provider’s stock worth $5,881,000 after acquiring an additional 11,097 shares in the last quarter. Finally, Stone Summit Wealth LLC purchased a new position in Ameriprise Financial in the third quarter valued at approximately $2,708,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMP. The Goldman Sachs Group reduced 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. Morgan Stanley dropped their price objective on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a report on Friday, October 9th. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Jefferies Financial Group cut their target price on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. Finally, BMO Capital Markets decreased their price objective on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $572.55.

Ameriprise Financial Price Performance

NYSE:AMP traded down $0.56 during trading hours on Wednesday, hitting $492.76. The company’s stock had a trading volume of 137,353 shares, compared to its average volume of 638,401. The business’s 50-day moving average is $537.16 and its two-hundred day moving average is $496.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $44.30 billion, a PE ratio of 11.88, a PEG 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 announced 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 net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter last year, the business earned $9.11 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given a $1.70 dividend. The ex-dividend date 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 announced that its board has approved a share repurchase program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the firm’s 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 completion of the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Williams sold 8,210 shares of the company’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 completion of the sale, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last three months. Company insiders own 0.60% of the company’s stock.

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.