Ameriprise Financial, Inc. (NYSE:AMP) Shares Acquired by Parcion Private Wealth LLC

Parcion Private Wealth LLC boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 27.5% in the 1st quarter, Holdings Channel reports. The firm owned 756 shares of the financial services provider’s stock after buying an additional 163 shares during the period. Parcion Private Wealth LLC’s holdings in Ameriprise Financial were worth $366,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AMP. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial in the 4th quarter worth approximately $31,000. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the 1st quarter worth approximately $36,000. Quarry LP lifted its position in Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider’s stock worth $46,000 after buying an additional 52 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Ameriprise Financial in the fourth quarter worth $47,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Up 0.4%

Ameriprise Financial stock opened at $524.96 on Thursday. The company has a market cap of $49.99 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 1.13 and a beta of 1.23. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a fifty day simple moving average of $519.24 and a 200 day simple moving average of $511.36. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $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 has authorized a share buyback program on Thursday, April 24th that allows the company to buyback $4.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, May 5th. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.22%. Ameriprise Financial’s payout ratio is presently 21.75%.

Analyst Upgrades and Downgrades

AMP has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Raymond James Financial upgraded shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Piper Sandler lifted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a report on Thursday, July 3rd. Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Finally, Morgan Stanley cut shares of Ameriprise Financial from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $462.00 to $530.00 in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $524.71.

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.