9,524 Shares of Ameriprise Financial, Inc. $AMP Bought by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,524 shares of the financial services provider’s stock, valued at approximately $4,689,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Twin Lakes Capital Management LLC purchased a new position in Ameriprise Financial in the second quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial during the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth approximately $28,000. Fiduciary Financial Advisors purchased a new stake in Ameriprise Financial during the 2nd quarter worth approximately $30,000. Finally, Retirement Wealth Solutions LLC raised its position in shares of Ameriprise Financial by 7,300.0% in the 3rd 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 in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Down 0.2%

Ameriprise Financial stock traded down $1.02 during midday trading on Thursday, hitting $494.80. The stock had a trading volume of 173,377 shares, compared to its average volume of 637,676. The business has a fifty day moving average price of $535.87 and a 200 day moving average price of $496.87. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. The stock has a market cap of $44.48 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.01 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 earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. Ameriprise Financial’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $9.11 EPS. Research analysts predict that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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 shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Share repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Ameriprise Financial Announces Dividend

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

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction 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 transaction, the insider owned 6,780 shares of the company’s stock, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on AMP shares. Royal Bank Of Canada increased their target price on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Morgan Stanley decreased their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research report on Friday, October 9th. The Goldman Sachs Group cut their price target on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Bank of America reaffirmed a “buy” rating and issued a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a report on Monday, October 5th. Finally, Jefferies Financial Group reduced their price objective on shares of Ameriprise Financial from $645.00 to $638.00 in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $572.55.

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.