SLT Holdings LLC Acquires 9,000 Shares of Ameriprise Financial, Inc. $AMP

SLT Holdings LLC acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,000 shares of the financial services provider’s stock, valued at approximately $4,431,000. Ameriprise Financial comprises 2.5% of SLT Holdings LLC’s investment portfolio, making the stock its 8th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp increased its holdings in shares of Ameriprise Financial by 1,279.7% in the 2nd 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 during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Ameriprise Financial by 960.8% during 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 buying an additional 3,036,128 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Ameriprise Financial by 980.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock valued at $1,019,036,000 after buying an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP bought a new position in shares of Ameriprise Financial in the 3rd quarter valued at about $925,211,000. Finally, Douglas Lane & Associates LLC bought a new position in shares of Ameriprise Financial in the 3rd quarter valued at about $575,767,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 1.3%

NYSE AMP opened at $502.32 on Friday. 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, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56. The firm has a market capitalization of $45.16 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 1.02 and a beta of 1.16. The company has a fifty day moving average of $534.72 and a two-hundred day moving average of $497.33.

Ameriprise Financial (NYSE:AMP) last announced its earnings results 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 business 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%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.11 earnings per share. On average, analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

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

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 paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. Ameriprise Financial’s payout ratio is currently 16.40%.

Insider Activity

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 472 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AMP has been the subject of several recent research reports. Raymond James Financial lifted their price target on Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 21st. Evercore reduced their price objective on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Jefferies Financial Group decreased their price objective on Ameriprise Financial from $645.00 to $638.00 in a research report on Monday. Bank of America reaffirmed a “buy” rating and issued a $570.00 price objective (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $572.55.

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.