Korea Investment CORP Grows Position in Ameriprise Financial, Inc. $AMP

Korea Investment CORP lifted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 11.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,677 shares of the financial services provider’s stock after buying an additional 9,516 shares during the period. Korea Investment CORP’s holdings in Ameriprise Financial were worth $45,834,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in Ameriprise Financial by 49,248.9% in the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider’s stock worth $2,819,900,000 after purchasing an additional 1,023,002 shares during the last quarter. Nuveen LLC purchased a new position in Ameriprise Financial in the first quarter worth about $469,334,000. Goldman Sachs Group Inc. boosted its position in Ameriprise Financial by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider’s stock worth $578,852,000 after purchasing an additional 266,631 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Ameriprise Financial by 19.8% in the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock worth $675,344,000 after purchasing an additional 209,549 shares during the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on AMP. 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. Morgan Stanley cut Ameriprise Financial from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Raymond James Financial raised their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 25th. Finally, Piper Sandler raised their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research report on Thursday, July 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $534.71.

Ameriprise Financial Stock Up 0.4%

AMP stock opened at $505.19 on Tuesday. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a market cap of $47.62 billion, a P/E ratio of 15.72, a PEG ratio of 1.07 and a beta of 1.24. The business’s 50-day moving average price is $521.49 and its 200-day moving average price is $506.64.

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

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial’s dividend payout ratio (DPR) is 19.91%.

Ameriprise Financial announced that its Board of Directors has initiated a stock 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 reacquire up to 9.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are 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.