Pinnacle Associates Ltd. Purchases 21 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Pinnacle Associates Ltd. increased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,374 shares of the financial services provider’s stock after buying an additional 21 shares during the period. Pinnacle Associates Ltd.’s holdings in Ameriprise Financial were worth $665,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of AMP. AE Wealth Management LLC boosted its position in Ameriprise Financial by 8.0% in the first quarter. AE Wealth Management LLC now owns 1,851 shares of the financial services provider’s stock worth $896,000 after purchasing an additional 137 shares during the last quarter. Abel Hall LLC boosted its holdings in shares of Ameriprise Financial by 6.4% in the 1st quarter. Abel Hall LLC now owns 550 shares of the financial services provider’s stock worth $266,000 after buying an additional 33 shares during the last quarter. Wedbush Securities Inc. grew its position in Ameriprise Financial by 6.6% during the first quarter. Wedbush Securities Inc. now owns 1,479 shares of the financial services provider’s stock valued at $716,000 after buying an additional 92 shares during the period. Oak Thistle LLC purchased a new stake in Ameriprise Financial during the first quarter worth about $3,095,000. Finally, Accredited Investors Inc. purchased a new stake in Ameriprise Financial during the first quarter worth about $275,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. William Blair downgraded shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday. Morgan Stanley downgraded Ameriprise Financial from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 9th. Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada increased their price target on Ameriprise Financial from $565.00 to $595.00 and gave the stock an “outperform” rating in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $533.86.

Ameriprise Financial Trading Up 0.8%

Shares of AMP opened at $521.03 on Monday. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The stock has a market cap of $49.61 billion, a PE ratio of 16.21, a P/E/G ratio of 1.12 and a beta of 1.23. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. The business’s 50-day moving average price is $522.24 and its 200-day moving average price is $511.12.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping analysts’ consensus estimates of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the firm posted $8.72 EPS. Ameriprise Financial’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.23%. Ameriprise Financial’s payout ratio is currently 19.91%.

Ameriprise Financial announced that its board has initiated a stock buyback 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 buy up to 9.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board 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.