Envestnet Portfolio Solutions Inc. Trims Position in Ameriprise Financial, Inc. (NYSE:AMP)

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 36.6% during the first quarter, HoldingsChannel reports. The firm owned 18,817 shares of the financial services provider’s stock after selling 10,844 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ameriprise Financial were worth $9,110,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 12.1% in the 4th 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. Geode Capital Management LLC raised its position in shares of Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider’s stock worth $1,407,607,000 after buying an additional 38,141 shares during the period. GAMMA Investing LLC raised its position in shares of Ameriprise Financial by 49,248.9% in 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 buying an additional 2,109,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Ameriprise Financial by 1.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider’s stock worth $770,886,000 after buying an additional 23,655 shares during the period. Finally, Norges Bank purchased a new position in shares of Ameriprise Financial in the 4th quarter worth $689,272,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analysts Set New Price Targets

AMP has been the topic of several research reports. Royal Bank Of Canada increased their target price on Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Raymond James Financial upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target for the company in a report on Monday, April 7th. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Finally, Morgan Stanley increased their price target on Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. One 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $517.13.

Ameriprise Financial Stock Down 0.1%

Shares of NYSE AMP opened at $506.01 on Friday. The stock has a fifty day moving average price of $495.97 and a 200 day moving average price of $513.14. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. The company has a market cap 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. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced 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 68.93% and a net margin of 17.14%. The company’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $8.39 earnings per share. Research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, May 5th. 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 1.26%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 21.75%.

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

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.