Sunbeam Capital Management LLC Makes New Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Sunbeam Capital Management LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 58 shares of the financial services provider’s stock, valued at approximately $31,000.

A number of other hedge funds have also modified their holdings of AMP. TCTC Holdings LLC purchased a new stake in Ameriprise Financial during the 4th quarter valued at about $26,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $26,000. Whipplewood Advisors LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at approximately $28,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in Ameriprise Financial during the fourth quarter worth $30,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

AMP stock opened at $504.70 on Friday. The business’s fifty day moving average price is $482.22 and its 200 day moving average price is $520.24. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $48.06 billion, a PE ratio of 15.27, a P/E/G ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last released 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 company 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 69.35% and a net margin of 19.70%. Ameriprise Financial’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $8.39 EPS. On average, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial declared that its board has approved a stock buyback program on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a dividend of $1.60 per share. The ex-dividend date was Monday, May 5th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a yield of 1.27%. Ameriprise Financial’s dividend payout ratio is 21.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Raymond James raised shares of 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. Morgan Stanley increased their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. Wall Street Zen cut Ameriprise Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Piper Sandler upped their price target on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research note on Friday, January 31st. Finally, Royal Bank of Canada increased their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.