Community Trust & Investment Co. Acquires New Holdings in Ameriprise Financial, Inc. $AMP

Community Trust & Investment Co. bought a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 24,640 shares of the financial services provider’s stock, valued at approximately $12,132,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Neville Rodie & Shaw Inc. raised its holdings in Ameriprise Financial by 4,524.8% during the third quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock valued at $16,076,000 after acquiring an additional 31,945 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in Ameriprise Financial during the third quarter valued at $4,162,000. Ballew Advisors Inc bought a new position in shares of Ameriprise Financial during the 3rd quarter valued at about $4,112,000. EP Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial in the second quarter worth about $1,704,000. Finally, Venture Visionary Partners LLC increased its position in Ameriprise Financial by 701.7% in the third quarter. Venture Visionary Partners LLC now owns 123,789 shares of the financial services provider’s stock worth $60,948,000 after purchasing an additional 108,348 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AMP shares. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Jefferies Financial Group cut their price objective on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Royal Bank Of Canada raised their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned 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, Ameriprise Financial has an average rating of “Moderate Buy” and an average target price of $572.55.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial 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 sale, the insider owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Ameriprise Financial Trading Up 1.3%

Ameriprise Financial stock opened at $502.32 on Friday. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The stock has a 50-day moving average price of $534.72 and a 200 day moving average price of $497.33. 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 capitalization 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.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during 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%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $9.11 earnings per share. Sell-side analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

Ameriprise Financial Announces Dividend

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

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