XY Planning Network Inc. Makes New $2.87 Million Investment in Ameriprise Financial, Inc. $AMP

XY Planning Network Inc. bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 5,819 shares of the financial services provider’s stock, valued at approximately $2,865,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Salem Investment Counselors Inc. bought a new position in shares of Ameriprise Financial during the 3rd quarter valued at about $85,072,000. Keystone Financial Group Inc. purchased a new position in shares of Ameriprise Financial during the third quarter valued at about $10,472,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Ameriprise Financial by 1,050.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 7,133 shares of the financial services provider’s stock worth $3,512,000 after purchasing an additional 6,513 shares during the last quarter. Krilogy Financial LLC increased its holdings in shares of Ameriprise Financial by 380.7% in the third quarter. Krilogy Financial LLC now owns 8,533 shares of the financial services provider’s stock worth $4,201,000 after purchasing an additional 6,758 shares during the last quarter. Finally, Walker Asset Management LLC increased its holdings in shares of Ameriprise Financial by 816.1% in the third quarter. Walker Asset Management LLC now owns 5,066 shares of the financial services provider’s stock worth $2,494,000 after purchasing an additional 4,513 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $493.03 on Wednesday. The company’s 50-day moving average price is $537.16 and its 200-day moving average price is $496.54. Ameriprise Financial, Inc. has a twelve month low of $422.37 and a twelve month high of $572.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a market cap of $44.32 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (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 for the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the prior year, the company earned $9.11 EPS. The business’s revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on AMP. BMO Capital Markets dropped their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research note on Tuesday, October 6th. Piper Sandler lifted their price objective on Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, Jefferies Financial Group lowered their target price on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Ameriprise Financial presently has an average rating of “Moderate Buy” and an average target price of $572.55.

Insider Buying and Selling

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider William Williams sold 8,210 shares of the firm’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 of the company’s stock, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 29,988 shares of company stock valued at $16,316,497. 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.