Ameriprise Financial, Inc. $AMP Holdings Increased by Riverbend Wealth Management LLC

Riverbend Wealth Management LLC raised its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 3,585.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,401 shares of the financial services provider’s stock after acquiring an additional 15,956 shares during the period. Ameriprise Financial comprises about 3.6% of Riverbend Wealth Management LLC’s investment portfolio, making the stock its 4th largest position. Riverbend Wealth Management LLC’s holdings in Ameriprise Financial were worth $8,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of AMP. Patriot Investment Management Group Inc. bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth about $4,457,000. Daytona Street Capital LLC acquired a new stake in shares of Ameriprise Financial during the 3rd quarter worth about $33,000. NFSG Corp increased its position in shares of Ameriprise Financial by 3,276.0% during the 3rd quarter. NFSG Corp now owns 844 shares of the financial services provider’s stock worth $416,000 after purchasing an additional 819 shares in the last quarter. Murphy Middleton Hinkle & Parker Inc. bought a new position in Ameriprise Financial during the 3rd quarter valued at about $6,942,000. Finally, SLT Holdings LLC bought a new position in Ameriprise Financial during the 3rd quarter valued at about $4,431,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on AMP. The Goldman Sachs Group reduced their price target 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. Morgan Stanley decreased their price objective on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating on the stock in a research note on Friday, October 9th. Royal Bank Of Canada raised their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. BMO Capital Markets dropped their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday, October 6th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $572.55.

Insider Transactions at Ameriprise Financial

In other news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction on Tuesday, July 28th. The stock was 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 approximately $3,656,793. This trade represents a 54.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the sale, the executive vice president directly owned 3,373 shares of the company’s stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Stock Up 1.3%

Shares of NYSE AMP opened at $502.32 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The firm’s 50-day simple moving average is $534.72 and its 200 day simple moving average is $497.33. The company has a market cap of $45.16 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.11 earnings per share. On average, research analysts expect that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a $1.70 dividend. 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 (DPR) is presently 16.40%.

Ameriprise Financial announced that its Board of Directors has approved a share buyback program on Tuesday, September 29th that permits the company to repurchase $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. Stock repurchase programs are typically a sign that the company’s management believes its shares are undervalued.

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.