Founders Grove Wealth Partners LLC Acquires New Holdings in Ameriprise Financial, Inc. $AMP

Founders Grove Wealth Partners LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 5,983 shares of the financial services provider’s stock, valued at approximately $2,946,000.

A number of other hedge funds also recently made changes to their positions in AMP. Frank Rimerman Advisors LLC boosted its stake in shares of Ameriprise Financial by 2,691.6% in the third quarter. Frank Rimerman Advisors LLC now owns 45,028 shares of the financial services provider’s stock valued at $22,170,000 after purchasing an additional 43,415 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in Ameriprise Financial during the 3rd quarter valued at $257,000. AlphaStar Capital Management LLC acquired a new stake in Ameriprise Financial during the 3rd quarter valued at $9,849,000. 1834 Investment Advisors Co. acquired a new stake in Ameriprise Financial during the 3rd quarter valued at $91,247,000. Finally, Aull & Monroe Investment Management Corp purchased a new stake in Ameriprise Financial during the 3rd quarter worth $7,620,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Evercore cut their price target on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Argus increased their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $572.55.

Ameriprise Financial Stock Down 0.3%

Shares of NYSE:AMP opened at $500.91 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The company has a fifty day simple moving average of $533.72 and a 200 day simple moving average of $497.36. The firm has a market cap of $45.03 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm 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 firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.11 EPS. On average, equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.14 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its board has approved a share repurchase program on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Share repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on 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 transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer 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. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,988 shares of company stock worth $16,316,497. 0.60% of the stock is owned by corporate insiders.

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.