Hardin Capital Partners LLC Makes New Investment in Ameriprise Financial, Inc. $AMP

Hardin Capital Partners LLC purchased a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 54,877 shares of the financial services provider’s stock, valued at approximately $27,019,000. Ameriprise Financial comprises approximately 11.7% of Hardin Capital Partners LLC’s portfolio, making the stock its 2nd biggest position.

Several other institutional investors and hedge funds have also recently made changes to their positions in AMP. State Street Corp increased its stake 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 valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in 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 worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP bought a new stake in Ameriprise Financial during the third quarter worth about $925,211,000. Bank of America Corp DE purchased a new position in shares of Ameriprise Financial in the 2nd quarter worth about $320,948,000. Finally, Legal & General Group Plc purchased a new position in shares of Ameriprise Financial in the 2nd quarter worth about $262,687,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMP. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. BMO Capital Markets reduced their price target on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Bank of America reaffirmed a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Moderate Buy” and an average target price of $558.67.

Insider Activity

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the stock in a transaction 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 sale, the insider owned 6,780 shares of the company’s stock, valued at $3,656,793. This represents a 54.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $498.80 on Friday. 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 business’s 50 day simple moving average is $540.34 and its two-hundred day simple moving average is $495.47. The stock has a market capitalization of $44.84 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during 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%.The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.11 earnings per share. Analysts forecast that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its board has authorized a stock repurchase program on Tuesday, September 29th that allows the company to repurchase $5.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

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.