Avaii Wealth Management LLC Purchases New Stake in Ameriprise Financial, Inc. $AMP

Avaii Wealth Management LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,931 shares of the financial services provider’s stock, valued at approximately $2,428,000. Ameriprise Financial comprises about 0.7% of Avaii Wealth Management LLC’s investment portfolio, making the stock its 29th largest holding.

Several other institutional investors have also modified their holdings of AMP. Riversedge Advisors LLC purchased a new position in shares of Ameriprise Financial in the 3rd quarter valued at $239,000. Wedmont Private Capital lifted its position in Ameriprise Financial by 537.4% in the third quarter. Wedmont Private Capital now owns 22,780 shares of the financial services provider’s stock valued at $11,216,000 after acquiring an additional 19,206 shares during the last quarter. Lawood & Co. acquired a new position in Ameriprise Financial in the third quarter valued at $11,636,000. Douglas Lane & Associates LLC acquired a new position in Ameriprise Financial in the third quarter valued at $575,767,000. Finally, Dakota Community Bank & Trust NA grew its holdings in shares of Ameriprise Financial by 413.9% during the third quarter. Dakota Community Bank & Trust NA now owns 5,026 shares of the financial services provider’s stock worth $2,475,000 after purchasing an additional 4,048 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Dawn Brockman sold 472 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president directly 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 through this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% 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 over the last three months. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on AMP. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Keefe, Bruyette & Woods lifted their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, BMO Capital Markets decreased their price objective on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of “Moderate Buy” and an average price target of $558.00.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded up $1.48 during midday trading on Friday, reaching $500.56. 487,136 shares of the company were exchanged, compared to its average volume of 643,844. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The stock has a fifty day simple moving average of $540.34 and a 200 day simple moving average of $495.47. The stock has a market cap of $45.00 billion, a P/E ratio of 12.07, a PEG ratio of 1.01 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The firm 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%.The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.11 EPS. On average, research analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share buyback plan 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 reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a $1.70 dividend. 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 presently 16.40%.

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.