Kestra Private Wealth Services LLC Acquires 1,316 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Kestra Private Wealth Services LLC boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 44.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,269 shares of the financial services provider’s stock after purchasing an additional 1,316 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Ameriprise Financial were worth $2,067,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial in the fourth quarter worth about $31,000. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the first quarter worth about $36,000. Quarry LP increased its holdings in shares of Ameriprise Financial by 148.6% during the fourth quarter. Quarry LP now owns 87 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 52 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter valued at about $47,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

NYSE AMP opened at $534.35 on Tuesday. The business’s 50-day moving average price is $521.30 and its 200 day moving average price is $511.23. The company has a market capitalization of $50.88 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 1.16 and a beta of 1.23. 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, Inc. has a twelve month low of $385.74 and a twelve 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 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 for the quarter, compared to the consensus estimate of $4.45 billion. During the same period last year, the business posted $8.39 EPS. The company’s revenue was up 3.6% on a year-over-year basis. On average, research analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a $1.60 dividend. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.20%. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial declared that its Board of Directors has initiated a share buyback program 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 repurchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AMP shares. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research report on Wednesday, July 9th. Morgan Stanley downgraded Ameriprise Financial from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Piper Sandler boosted their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research note on Thursday, July 3rd. Raymond James Financial raised Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a report on Monday, April 7th. Finally, Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ameriprise Financial currently has an average rating of “Hold” and an average 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.