Canandaigua National Trust Co of Florida Acquires New Stake in Ameriprise Financial, Inc. $AMP

Canandaigua National Trust Co of Florida acquired a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 7,484 shares of the financial services provider’s stock, valued at approximately $3,685,000. Ameriprise Financial accounts for 2.1% of Canandaigua National Trust Co of Florida’s portfolio, making the stock its 10th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canandaigua National Bank & Trust Co. bought a new stake in shares of Ameriprise Financial in the 3rd quarter worth $4,162,000. Investors Research Corp boosted its stake in Ameriprise Financial by 124,723.3% during the third quarter. Investors Research Corp now owns 37,447 shares of the financial services provider’s stock valued at $18,437,000 after buying an additional 37,417 shares in the last quarter. Silvia Mccoll Wealth Management LLC acquired a new position in Ameriprise Financial during the third quarter worth about $206,000. Bank & Trust Co grew its holdings in Ameriprise Financial by 57,991.2% during the third quarter. Bank & Trust Co now owns 33,112 shares of the financial services provider’s stock worth $16,303,000 after acquiring an additional 33,055 shares during the period. Finally, PFW Advisors LLC bought a new stake in Ameriprise Financial in the third quarter worth about $2,449,000. Institutional investors own 83.95% of the company’s stock.

Insiders Place Their Bets

In other news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company’s stock, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction 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 transaction, the chief financial officer owned 5,609 shares in the company, valued at $3,079,060.55. This represents a 66.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock worth $16,316,497 over the last three months. Company insiders own 0.60% of the company’s stock.

Ameriprise Financial Trading Down 1.4%

AMP traded down $6.85 during trading on Wednesday, reaching $489.76. The company had a trading volume of 432,420 shares, compared to its average volume of 645,109. The firm’s 50-day simple moving average is $542.29 and its 200 day simple moving average is $494.64. 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 cap of $44.03 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.89 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. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the firm earned $9.11 earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.19 earnings per share for the current year.

Ameriprise Financial declared that its board has authorized a stock buyback plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on AMP. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. BMO Capital Markets lowered their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research note on Tuesday. Piper Sandler boosted their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned 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 $559.80.

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.