Brighton Jones LLC Buys 798 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Brighton Jones LLC increased its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 102.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,575 shares of the financial services provider’s stock after buying an additional 798 shares during the quarter. Brighton Jones LLC’s holdings in Ameriprise Financial were worth $762,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its position in Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after buying an additional 806 shares during the last quarter. Sound Income Strategies LLC lifted its position in Ameriprise Financial by 68.7% in the first quarter. Sound Income Strategies LLC now owns 113 shares of the financial services provider’s stock worth $55,000 after buying an additional 46 shares during the last quarter. Ritholtz Wealth Management increased its stake in Ameriprise Financial by 1.3% in the first quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider’s stock worth $852,000 after purchasing an additional 22 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the first quarter worth $36,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock worth $12,055,000 after purchasing an additional 1,433 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Price Performance

AMP opened at $512.61 on Tuesday. The business’s 50-day moving average is $493.69 and its two-hundred day moving average is $513.65. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market capitalization of $48.81 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. During the same quarter in the previous year, the firm earned $8.39 earnings per share. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its board has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s payout ratio is 21.75%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMP. Raymond James upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research note on Monday, April 7th. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Morgan Stanley raised their price target on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research note on Wednesday, May 7th. Finally, Royal Bank of Canada raised their price target on Ameriprise Financial from $550.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $517.13.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.