Ameriprise Financial, Inc. (NYSE:AMP) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. lowered its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,875 shares of the financial services provider’s stock after selling 252 shares during the quarter. QRG Capital Management Inc.’s holdings in Ameriprise Financial were worth $11,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Ameriprise Financial by 24.3% in the fourth quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider’s stock worth $891,000 after acquiring an additional 327 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Ameriprise Financial in the fourth quarter worth $43,000. Fisher Asset Management LLC acquired a new stake in shares of Ameriprise Financial in the fourth quarter worth $214,000. IPG Investment Advisors LLC acquired a new stake in shares of Ameriprise Financial in the fourth quarter worth $1,353,000. Finally, Proficio Capital Partners LLC increased its stake in shares of Ameriprise Financial by 49.8% in the fourth quarter. Proficio Capital Partners LLC now owns 698 shares of the financial services provider’s stock worth $372,000 after acquiring an additional 232 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

AMP opened at $512.61 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a market cap of $48.81 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.15 and a beta of 1.24. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The firm’s fifty day simple moving average is $493.69 and its two-hundred day simple moving average is $513.65.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data 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. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $8.39 earnings per share. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently disclosed 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. This represents a $6.40 annualized dividend and a yield of 1.25%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 21.75%.

Ameriprise Financial declared that its board has initiated a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports 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 price target on the stock in a report on Monday, April 7th. Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a report on Wednesday, May 7th. Royal Bank of Canada increased 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. Finally, Morgan Stanley increased their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $517.13.

Ameriprise Financial Company 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.