Ameriprise Financial, Inc. $AMP Shares Newly Purchased by C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter, HoldingsChannel reports. The fund acquired 8,171 shares of the financial services provider’s stock, valued at approximately $4,023,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of AMP. State Street Corp lifted its holdings in Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Ameriprise Financial by 960.8% during the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $925,211,000. Douglas Lane & Associates LLC acquired a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $575,767,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth approximately $530,290,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 0.6%

Shares of Ameriprise Financial stock opened at $496.19 on Thursday. The business’s fifty day moving average price is $535.87 and its two-hundred day moving average price is $496.87. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $44.61 billion, a P/E ratio of 11.97, a PEG ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.11 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan 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. Share buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AMP shares. Argus increased their target price on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BMO Capital Markets lowered their price target on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research report on Tuesday, October 6th. Bank of America restated a “buy” rating and set a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. Morgan Stanley dropped their price objective on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a report on Friday, October 9th. Finally, The Goldman Sachs Group cut their price objective on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. One 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 stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of “Moderate Buy” and an average target price of $572.55.

Insider Activity at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares of the company’s stock, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Williams sold 8,210 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction 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. This trade represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have 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 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.