50,508 Ameriprise Financial, Inc. $AMP Shares Purchased by Graves Light Lenhart Wealth Inc.

Graves Light Lenhart Wealth Inc. increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 11,224.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,958 shares of the financial services provider’s stock after purchasing an additional 50,508 shares during the period. Ameriprise Financial makes up 2.3% of Graves Light Lenhart Wealth Inc.’s portfolio, making the stock its 13th largest holding. Graves Light Lenhart Wealth Inc. owned about 0.06% of Ameriprise Financial worth $25,089,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Twin Lakes Capital Management LLC purchased a new stake in Ameriprise Financial in the 2nd quarter worth about $25,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Ameriprise Financial during the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ameriprise Financial during the second quarter valued at approximately $28,000. Fiduciary Financial Advisors bought a new position in shares of Ameriprise Financial during the second quarter valued at approximately $30,000. Finally, Evolution Wealth Management Inc. purchased a new stake in shares of Ameriprise Financial in the first quarter worth approximately $34,000. 83.95% of the stock is currently owned by institutional investors.

Insider Transactions at Ameriprise Financial

In other news, CFO Walter Berman sold 11,012 shares of the stock in a transaction on 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 transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Dawn Brockman sold 472 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Ameriprise Financial Stock Performance

Ameriprise Financial stock opened at $498.80 on Friday. 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 company has a market capitalization of $44.84 billion, a PE ratio of 12.03, a P/E/G ratio of 1.01 and a beta of 1.16. The company has a 50 day moving average price of $540.34 and a 200-day moving average price of $495.47. Ameriprise Financial, Inc. has a fifty-two week low of $422.37 and a fifty-two week high of $572.56.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data 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 company had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.11 earnings per share. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial declared that its board has approved a share repurchase plan on Tuesday, September 29th that allows the company to buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were issued a $1.70 dividend. 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 dividend payout ratio is currently 16.40%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AMP shares. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Piper Sandler lifted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. BMO Capital Markets lowered their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research note on Tuesday. Finally, Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of “Moderate Buy” and a consensus target price of $558.67.

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.