Ramirez Asset Management Inc. Sells 1,480 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Ramirez Asset Management Inc. trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 35.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,717 shares of the financial services provider’s stock after selling 1,480 shares during the quarter. Ramirez Asset Management Inc.’s holdings in Ameriprise Financial were worth $1,315,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AMP. University of Texas Texas AM Investment Management Co. bought a new stake in Ameriprise Financial in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Ameriprise Financial in the fourth quarter worth approximately $31,000. Opal Wealth Advisors LLC bought a new stake in Ameriprise Financial in the first quarter worth approximately $36,000. Quarry LP grew its position in Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider’s stock worth $46,000 after acquiring an additional 52 shares in the last quarter. Finally, Sound Income Strategies LLC grew its position in Ameriprise Financial by 68.7% in the first quarter. Sound Income Strategies LLC now owns 113 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 46 shares in the last quarter. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AMP shares. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $565.00 to $595.00 and gave the stock an “outperform” rating in a research note on Thursday, July 10th. William Blair downgraded shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday. Morgan Stanley downgraded shares of Ameriprise Financial from an “equal weight” rating to an “underweight” rating and upped their price objective for the stock from $462.00 to $530.00 in a report on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a report on Wednesday, July 9th. Finally, Raymond James Financial upped their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a report on Friday. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $533.86.

Ameriprise Financial Price Performance

NYSE:AMP opened at $518.10 on Tuesday. The stock has a market cap of $49.33 billion, a P/E ratio of 16.12, a PEG ratio of 1.12 and a beta of 1.23. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The company has a fifty day moving average price of $522.16 and a 200 day moving average price of $511.13. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. The firm had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $8.72 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, August 4th. Ameriprise Financial’s payout ratio is currently 19.91%.

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.