Dakota Community Bank & Trust NA Purchases 4,048 Shares of Ameriprise Financial, Inc. $AMP

Dakota Community Bank & Trust NA raised its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 413.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,026 shares of the financial services provider’s stock after buying an additional 4,048 shares during the period. Ameriprise Financial makes up approximately 6.4% of Dakota Community Bank & Trust NA’s holdings, making the stock its 3rd largest holding. Dakota Community Bank & Trust NA’s holdings in Ameriprise Financial were worth $2,475,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp increased its holdings in shares of Ameriprise Financial by 1,279.7% during 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 buying an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 960.8% in the 2nd 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 bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at about $925,211,000. Bank of America Corp DE bought a new position in Ameriprise Financial during the second quarter worth $320,948,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ameriprise Financial in the 2nd quarter valued at about $262,687,000. Institutional investors own 83.95% of the company’s stock.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was 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 in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Dawn Brockman sold 472 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total transaction of $263,814.96. Following the sale, the senior vice president owned 713 shares of the company’s stock, valued at $398,517.09. This trade represents a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on AMP shares. Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Bank of America reiterated a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. Jefferies Financial Group lifted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Finally, Piper Sandler upped their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $558.00.

Ameriprise Financial Price Performance

AMP stock traded up $2.70 during mid-day trading on Friday, reaching $501.78. 141,042 shares of the company’s stock were exchanged, compared to its average volume of 641,979. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. 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 stock’s 50 day moving average is $540.34 and its 200 day moving average is $495.47.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for 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%. Ameriprise Financial’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $9.11 earnings per share. On average, research analysts expect that Ameriprise Financial, Inc. will post 46.14 EPS for the current year.

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

Ameriprise Financial Announces Dividend

The business also recently announced 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 of this dividend was Monday, August 3rd. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is presently 16.40%.

About Ameriprise Financial

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.