Harbour Investment Management LLC Has $290,000 Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Harbour Investment Management LLC reduced its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 20.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 600 shares of the financial services provider’s stock after selling 152 shares during the quarter. Harbour Investment Management LLC’s holdings in Ameriprise Financial were worth $290,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TCTC Holdings LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial in the fourth quarter valued at approximately $28,000. Sunbeam Capital Management LLC bought a new stake in shares of Ameriprise Financial in the fourth quarter valued at approximately $31,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the first quarter worth $36,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $543.06 on Monday. The firm has a market capitalization of $51.71 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.23. 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, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The firm has a 50-day moving average price of $509.70 and a 200 day moving average price of $511.13.

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

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

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 paid 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 yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial’s dividend payout ratio is currently 21.75%.

Analyst Ratings Changes

AMP has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a research note on Wednesday, May 7th. 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 lifted 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. Raymond James Financial raised 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. Finally, Piper Sandler raised their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $517.86.

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.