Carr Financial Group Corp Increases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Carr Financial Group Corp lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 808 shares of the financial services provider’s stock after buying an additional 38 shares during the quarter. Carr Financial Group Corp’s holdings in Ameriprise Financial were worth $391,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial in the fourth quarter valued at $26,000. TCTC Holdings LLC acquired a new position in Ameriprise Financial in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in Ameriprise Financial in the fourth quarter valued at approximately $28,000. Whipplewood Advisors LLC acquired a new stake in Ameriprise Financial during the fourth quarter worth approximately $28,000. Finally, Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial during the 4th quarter worth approximately $31,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Down 0.1%

NYSE AMP opened at $506.01 on Friday. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The firm has a 50-day moving average price of $495.97 and a 200 day moving average price of $513.14. The stock has a market capitalization of $48.18 billion, a P/E ratio of 17.19, a P/E/G ratio of 1.89 and a beta of 1.24. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10.

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

Ameriprise Financial announced that its board has approved a share repurchase program 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 reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management 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 given a dividend of $1.60 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s payout ratio is presently 21.75%.

Analyst Ratings Changes

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