Viking Fund Management LLC Acquires New Stake in Ameriprise Financial, Inc. $AMP

Viking Fund Management LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the 3rd quarter, HoldingsChannel reports. The firm acquired 14,000 shares of the financial services provider’s stock, valued at approximately $6,893,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rexford Capital Inc. increased its position in Ameriprise Financial by 19.5% in the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider’s stock worth $65,000 after buying an additional 24 shares during the last quarter. North Dakota State Investment Board raised its stake in shares of Ameriprise Financial by 0.9% in the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock valued at $1,246,000 after buying an additional 24 shares during the period. HBK Sorce Advisory LLC lifted its position in shares of Ameriprise Financial by 2.8% during the 2nd quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider’s stock valued at $409,000 after buying an additional 24 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Ameriprise Financial by 0.4% during the 2nd quarter. Fulton Bank N.A. now owns 6,688 shares of the financial services provider’s stock valued at $3,068,000 after buying an additional 25 shares during the last quarter. Finally, Revolve Wealth Partners LLC lifted its position in shares of Ameriprise Financial by 5.0% during the 2nd quarter. Revolve Wealth Partners LLC now owns 529 shares of the financial services provider’s stock valued at $243,000 after buying an additional 25 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider William Williams sold 8,210 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their position. 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 in the last ninety days. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AMP shares. Morgan Stanley cut their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research note on Friday, October 9th. Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Piper Sandler boosted 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 shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Finally, The Goldman Sachs Group cut their target price on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $572.55.

Ameriprise Financial Stock Up 0.6%

AMP opened at $496.19 on Thursday. The company has a 50 day moving average of $535.87 and a 200 day moving average of $496.87. The company has a market cap of $44.61 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a 12 month low of $422.37 and a 12 month high of $572.56. 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 data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the business earned $9.11 EPS. Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 29th that permits the company to buy back $5.50 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial Company 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.