Ameriprise Financial, Inc. $AMP Shares Bought by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 56.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,233 shares of the financial services provider’s stock after buying an additional 4,425 shares during the period. Kestra Advisory Services LLC’s holdings in Ameriprise Financial were worth $6,023,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bfsg LLC raised its stake in Ameriprise Financial by 2.3% during the third quarter. Bfsg LLC now owns 6,428 shares of the financial services provider’s stock valued at $3,165,000 after purchasing an additional 145 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in Ameriprise Financial by 27.2% during the third quarter. Chicago Partners Investment Group LLC now owns 2,844 shares of the financial services provider’s stock valued at $1,400,000 after purchasing an additional 608 shares during the last quarter. Ascent Group LLC grew its stake in shares of Ameriprise Financial by 24.6% in the 3rd quarter. Ascent Group LLC now owns 886 shares of the financial services provider’s stock worth $436,000 after buying an additional 175 shares in the last quarter. Caldwell Trust Co grew its stake in shares of Ameriprise Financial by 11.7% in the 3rd quarter. Caldwell Trust Co now owns 6,536 shares of the financial services provider’s stock worth $3,218,000 after buying an additional 683 shares in the last quarter. Finally, Rakuten Investment Management Inc. grew its stake in shares of Ameriprise Financial by 8.2% in the 3rd quarter. Rakuten Investment Management Inc. now owns 15,956 shares of the financial services provider’s stock worth $7,935,000 after buying an additional 1,207 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AMP shares. Piper Sandler upped their target price on shares of Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. Morgan Stanley dropped their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research report on Friday, October 9th. Evercore reduced their price objective on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Bank of America downgraded Ameriprise Financial from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $570.00 to $445.00 in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average target price of $557.00.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $520.55 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.68 and a quick ratio of 0.68. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The firm has a market capitalization of $45.19 billion, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 1.10 and a beta of 1.13. The company’s 50-day moving average is $512.71 and its 200 day moving average is $493.42.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.77 by ($0.51). The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.10 billion. Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $9.92 EPS. Research analysts forecast that Ameriprise Financial, Inc. will post 46.43 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be issued a dividend of $1.70 per share. The ex-dividend date is Monday, November 9th. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s payout ratio is presently 15.30%.

Ameriprise Financial declared that its board has approved a stock buyback program on Tuesday, September 29th that authorizes the company to buy back $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Share repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Ameriprise Financial Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products. The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis. Ameriprise serves clients primarily in the United States through its network of financial advisors.