Adage Capital Partners GP L.L.C. Has $47.29 Million Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Adage Capital Partners GP L.L.C. boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 14.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,818 shares of the financial services provider's stock after acquiring an additional 11,250 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.09% of Ameriprise Financial worth $47,289,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Cerro Pacific Wealth Advisors LLC lifted its holdings in shares of Ameriprise Financial by 3.4% in the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 576 shares of the financial services provider's stock worth $307,000 after purchasing an additional 19 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Ameriprise Financial by 40.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider's stock valued at $37,000 after buying an additional 20 shares during the period. HighPoint Advisor Group LLC boosted its stake in Ameriprise Financial by 0.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock valued at $1,419,000 after buying an additional 20 shares in the last quarter. Dakota Wealth Management grew its holdings in Ameriprise Financial by 2.7% during the fourth quarter. Dakota Wealth Management now owns 798 shares of the financial services provider's stock worth $425,000 after acquiring an additional 21 shares during the period. Finally, Abel Hall LLC raised its position in Ameriprise Financial by 4.2% in the fourth quarter. Abel Hall LLC now owns 517 shares of the financial services provider's stock worth $275,000 after acquiring an additional 21 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Shares of AMP traded down $5.53 on Wednesday, reaching $466.13. 71,538 shares of the stock traded hands, compared to its average volume of 489,867. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The stock's 50-day moving average price is $483.86 and its 200-day moving average price is $521.92. The firm has a market cap of $44.66 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.15 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter in the previous year, the company posted $8.39 earnings per share. Ameriprise Financial's quarterly revenue was up 3.6% compared to the same quarter last year. Equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.37%. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date is Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Royal Bank of Canada upped their price objective on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research note on Tuesday. Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. Morgan Stanley increased their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods dropped their target price on Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating on the stock in a report on Tuesday. Finally, Raymond James raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective on the stock in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $509.67.

Insider Activity at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total value of $3,241,740.00. Following the completion of the transaction, the chief executive officer now directly owns 14,023 shares in the company, valued at approximately $7,576,486.67. The trade was a 29.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the sale, the insider now directly owns 7,237 shares in the company, valued at $3,901,249.59. This trade represents a 39.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,636 shares of company stock valued at $6,263,989 over the last quarter. Corporate insiders own 0.57% of the company's stock.

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.