Gilpin Wealth Management LLC Buys 3,337 Shares of Ameriprise Financial, Inc. $AMP

Gilpin Wealth Management LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,337 shares of the financial services provider’s stock, valued at approximately $1,643,000. Ameriprise Financial makes up approximately 1.1% of Gilpin Wealth Management LLC’s holdings, making the stock its 23rd largest holding.

Other hedge funds also recently made changes to their positions in the company. Schaper Benz & Wise Investment Counsel Inc. WI lifted its stake in Ameriprise Financial by 47,616.2% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 250,510 shares of the financial services provider’s stock worth $123,339,000 after purchasing an additional 249,985 shares during the period. Castleview Partners LLC acquired a new position in shares of Ameriprise Financial in the 3rd quarter worth approximately $6,709,000. Stokes Capital Advisors LLC bought a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $202,000. GK Wealth Management LLC acquired a new stake in Ameriprise Financial in the 3rd quarter valued at $44,000. Finally, Balefire LLC bought a new stake in Ameriprise Financial in the third quarter valued at $2,370,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was 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 of the company’s stock, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Williams sold 8,210 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Up 0.3%

Shares of NYSE AMP opened at $500.56 on Friday. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The company has a 50-day moving average of $539.41 and a two-hundred day moving average of $495.50. The company has a market cap of $45.00 billion, a PE ratio of 12.07, a P/E/G ratio of 1.02 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 (NYSE:AMP) last released its quarterly earnings results 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. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.11 earnings per share. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

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

Ameriprise Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

AMP has been the subject of a number of analyst reports. Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Bank of America reaffirmed a “buy” rating and issued a $570.00 target price on shares of Ameriprise Financial in a report on Monday. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock 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 report on Thursday, September 3rd. Finally, BMO Capital Markets reduced their price target on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $558.00.

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.