Ameriprise Financial, Inc. (NYSE:AMP) Shares Bought by Spire Wealth Management

Spire Wealth Management grew its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 91.6% during the first quarter, Holdings Channel reports. The firm owned 1,429 shares of the financial services provider’s stock after purchasing an additional 683 shares during the quarter. Spire Wealth Management’s holdings in Ameriprise Financial were worth $692,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. Norges Bank acquired a new position in shares of Ameriprise Financial during the fourth quarter worth about $689,272,000. JPMorgan Chase & Co. increased its stake in shares of Ameriprise Financial by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock worth $2,556,683,000 after buying an additional 516,437 shares during the period. Northern Trust Corp increased its stake in shares of Ameriprise Financial by 19.8% during the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock worth $675,344,000 after buying an additional 209,549 shares during the period. Finally, Amundi raised its holdings in Ameriprise Financial by 48.0% in the fourth quarter. Amundi now owns 642,226 shares of the financial services provider’s stock valued at $343,546,000 after acquiring an additional 208,195 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AMP. Royal Bank Of Canada boosted their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Morgan Stanley boosted their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Raymond James Financial upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target on the stock in a research note on Monday, April 7th. Finally, Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ameriprise Financial currently has a consensus rating of “Hold” and a consensus price target of $519.00.

Ameriprise Financial Price Performance

Shares of AMP opened at $528.50 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The stock has a market cap of $50.32 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 1.97 and a beta of 1.24. The firm has a fifty day moving average price of $502.29 and a 200 day moving average price of $511.32.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $8.39 EPS. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were issued a $1.60 dividend. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial’s dividend payout ratio is presently 21.75%.

Ameriprise Financial declared that its Board of Directors has approved a share repurchase plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Profile

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.