Chevy Chase Trust Holdings LLC Has $24.57 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Chevy Chase Trust Holdings LLC lessened its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,745 shares of the financial services provider’s stock after selling 403 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Ameriprise Financial worth $24,566,000 at the end of the most recent quarter.

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

Ameriprise Financial Price Performance

Shares of AMP opened at $521.26 on Wednesday. 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’s fifty day simple moving average is $498.58 and its 200 day simple moving average is $511.82. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a market cap of $49.63 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 1.94 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.08 by $0.42. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The company 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 posted $8.39 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. On average, research analysts forecast 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 given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 1.23%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial’s payout ratio is 21.75%.

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

Analyst Ratings Changes

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

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.