Ameriprise Financial, Inc. $AMP Position Boosted by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC raised its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 2,691.6% during the 3rd quarter, Holdings Channel reports. The firm owned 45,028 shares of the financial services provider’s stock after purchasing an additional 43,415 shares during the quarter. Ameriprise Financial comprises 1.2% of Frank Rimerman Advisors LLC’s investment portfolio, making the stock its 17th biggest holding. Frank Rimerman Advisors LLC’s holdings in Ameriprise Financial were worth $22,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Counterpoint Mutual Funds LLC purchased a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $257,000. AlphaStar Capital Management LLC acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $9,849,000. 1834 Investment Advisors Co. acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $91,247,000. Aull & Monroe Investment Management Corp acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth approximately $7,620,000. Finally, Kintegral Advisory LLC lifted its stake in Ameriprise Financial by 1,775.0% in the 3rd quarter. Kintegral Advisory LLC now owns 37,763 shares of the financial services provider’s stock valued at $18,593,000 after buying an additional 35,749 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on AMP. Royal Bank Of Canada increased their target price on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Argus raised their price target on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BMO Capital Markets cut their price target on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday, October 6th. Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Finally, Raymond James Financial upped their price objective on Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and an average target price of $572.55.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $500.91 on Friday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The stock has a market capitalization of $45.03 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. The firm’s 50-day moving average is $533.72 and its two-hundred day moving average is $497.36. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its quarterly 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 business had revenue of $4.90 billion during 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 company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.11 earnings per share. Equities analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current 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 paid a dividend of $1.70 per share. 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 dividend payout ratio is presently 16.40%.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Tuesday, September 29th that allows the company to buy back $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Dawn M. Brockman sold 472 shares of the business’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 completion of the transaction, 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. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last three months. 0.60% of the stock is owned by insiders.

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.