Fearless Solutions LLC dba Best Invest Acquires 37,926 Shares of Ameriprise Financial, Inc. $AMP

Fearless Solutions LLC dba Best Invest acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, HoldingsChannel reports. The fund acquired 37,926 shares of the financial services provider’s stock, valued at approximately $18,673,000. Ameriprise Financial accounts for approximately 8.8% of Fearless Solutions LLC dba Best Invest’s portfolio, making the stock its largest position.

Several other large investors also recently made changes to their positions in the business. State Street Corp increased its stake in shares of 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 buying an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Ameriprise Financial by 960.8% in the second 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 during the last quarter. Artemis Investment Management LLP bought a new position in shares of Ameriprise Financial in the third quarter valued at about $925,211,000. Douglas Lane & Associates LLC bought a new position in shares of Ameriprise Financial in the third quarter valued at about $575,767,000. Finally, Bank of America Corp DE acquired a new position in Ameriprise Financial during the 2nd quarter worth about $320,948,000. Institutional investors own 83.95% of the company’s stock.

Insider Transactions at Ameriprise Financial

In related news, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction dated Thursday, August 6th. The stock was 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 in the company, valued at $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction dated Monday, August 10th. The stock was 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 approximately $398,517.09. The trade was a 39.83% 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 worth $16,316,497 in the last ninety days. 0.60% of the stock is currently owned by insiders.

Ameriprise Financial Stock Down 1.4%

Shares of AMP opened at $493.03 on Wednesday. The firm has a market capitalization of $44.32 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.03 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The business’s fifty day moving average price is $537.16 and its two-hundred day moving average price is $496.54. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The company 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 firm’s quarterly 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. 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 approved a stock repurchase program on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors 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 issued a $1.70 dividend. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.

Wall Street Analyst Weigh In

A number of brokerages have commented on AMP. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research report on Friday, August 21st. Piper Sandler boosted their target price on shares of Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd. Argus boosted their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada upped their target price on shares of Ameriprise Financial from $560.00 to $595.00 in a research report on Friday, July 24th. One investment 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $572.55.

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.