Aigen Investment Management LP Takes $630,000 Position in Ameriprise Financial, Inc. (NYSE:AMP)

Aigen Investment Management LP bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,301 shares of the financial services provider’s stock, valued at approximately $630,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 83 shares in the last quarter. Spire Wealth Management raised its stake in Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock worth $692,000 after buying an additional 683 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Ameriprise Financial by 488.5% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after buying an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock worth $12,055,000 after buying an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider’s stock worth $2,864,000 after buying an additional 420 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Up 0.3%

Shares of Ameriprise Financial stock opened at $506.53 on Tuesday. The firm has a 50-day simple moving average of $521.88 and a two-hundred day simple moving average of $508.40. The company has a market cap of $47.75 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. Ameriprise Financial, Inc. has a fifty-two week low of $396.14 and a fifty-two week high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data 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. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.72 earnings per share. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its board has authorized a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial’s dividend payout ratio is 19.91%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AMP. Morgan Stanley downgraded shares of 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 note on Tuesday, July 15th. Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Keefe, Bruyette & Woods lifted their price target 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. Raymond James Financial lifted their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $534.71.

Ameriprise Financial 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.