Meeder Advisory Services Inc. Increases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Meeder Advisory Services Inc. grew its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,714 shares of the financial services provider’s stock after buying an additional 135 shares during the period. Meeder Advisory Services Inc.’s holdings in Ameriprise Financial were worth $2,282,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Fiera Capital Corp increased its stake in shares of Ameriprise Financial by 15.9% during the first quarter. Fiera Capital Corp now owns 14,902 shares of the financial services provider’s stock valued at $7,214,000 after buying an additional 2,048 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of Ameriprise Financial by 3.0% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider’s stock valued at $345,000 after buying an additional 21 shares during the period. Fielder Capital Group LLC increased its stake in shares of Ameriprise Financial by 4.0% during the first quarter. Fielder Capital Group LLC now owns 2,125 shares of the financial services provider’s stock valued at $1,029,000 after buying an additional 82 shares during the period. Maridea Wealth Management LLC purchased a new position in shares of Ameriprise Financial during the first quarter valued at approximately $229,000. Finally, Mackenzie Financial Corp increased its stake in shares of Ameriprise Financial by 8.0% during the first quarter. Mackenzie Financial Corp now owns 11,420 shares of the financial services provider’s stock valued at $5,529,000 after buying an additional 850 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AMP shares. Royal Bank Of Canada lifted their price target on Ameriprise Financial from $565.00 to $595.00 and gave the company an “outperform” rating in a research report on Thursday, July 10th. Piper Sandler lifted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research report on Thursday, July 3rd. William Blair lowered Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Morgan Stanley lowered Ameriprise Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $533.86.

Ameriprise Financial Trading Up 0.5%

Ameriprise Financial stock opened at $521.11 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.95. The business’s fifty day simple moving average is $522.22 and its two-hundred day simple moving average is $511.20. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a market capitalization of $49.62 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23.

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

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.23%. The ex-dividend date is Monday, August 4th. Ameriprise Financial’s dividend payout ratio (DPR) is 19.91%.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan 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 plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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.