Lazard Asset Management LLC Boosts Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Lazard Asset Management LLC lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 27.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,229 shares of the financial services provider's stock after purchasing an additional 3,513 shares during the period. Lazard Asset Management LLC's holdings in Ameriprise Financial were worth $8,640,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. TCTC Holdings LLC purchased a new position in Ameriprise Financial in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $28,000. Whipplewood Advisors LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $28,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $30,000. Finally, Sound Income Strategies LLC bought a new stake in Ameriprise Financial in the fourth quarter worth $36,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the transaction, the insider now owns 7,237 shares in the company, valued at $3,901,249.59. This represents a 39.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.73% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research report on Friday, January 31st. Royal Bank of Canada boosted their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Finally, Morgan Stanley boosted their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average price target of $517.13.

Ameriprise Financial Stock Down 0.5%

Shares of NYSE AMP traded down $2.48 during midday trading on Tuesday, hitting $519.77. The stock had a trading volume of 65,467 shares, compared to its average volume of 489,321. The business's 50 day moving average is $480.14 and its 200-day moving average is $520.36. The company has a market cap of $49.49 billion, a P/E ratio of 15.72, a PEG ratio of 1.15 and a beta of 1.28. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.39 earnings per share. As a group, analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

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

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Monday, May 5th. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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.