Cary Street Partners Financial LLC Takes Position in Ameriprise Financial, Inc. (NYSE:AMP)

Cary Street Partners Financial LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 1,645 shares of the financial services provider's stock, valued at approximately $876,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of Ameriprise Financial by 9.1% in the third quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider's stock worth $2,013,359,000 after acquiring an additional 358,699 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Ameriprise Financial by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 36,118 shares of the financial services provider's stock worth $19,232,000 after buying an additional 712 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth approximately $204,000. Wealth Enhancement Advisory Services LLC raised its holdings in Ameriprise Financial by 0.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 32,363 shares of the financial services provider's stock valued at $17,231,000 after acquiring an additional 126 shares in the last quarter. Finally, ST Germain D J Co. Inc. lifted its stake in Ameriprise Financial by 30.7% in the fourth quarter. ST Germain D J Co. Inc. now owns 1,427 shares of the financial services provider's stock worth $760,000 after acquiring an additional 335 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

AMP traded up $3.09 during trading on Friday, hitting $492.09. The stock had a trading volume of 394,019 shares, compared to its average volume of 492,081. The firm has a market capitalization of $46.86 billion, a P/E ratio of 14.88, a PEG ratio of 1.15 and a beta of 1.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company's 50-day moving average price is $476.70 and its 200 day moving average price is $519.97.

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

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be given a $1.60 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. This represents a $6.40 annualized dividend and a yield of 1.30%. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Ameriprise Financial announced that its Board of Directors has approved a share repurchase 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 reacquire up to 9.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of recent analyst reports. Raymond James raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a report on Monday, April 7th. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research note on Wednesday. Morgan Stanley boosted their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Piper Sandler raised their target price on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an "underweight" rating in a research report on Friday, January 31st. Finally, Royal Bank of Canada upped 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. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $517.13.

Insider Buying and Selling at Ameriprise Financial

In related news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total value of $523,120.00. Following the sale, the director now directly owns 10,000 shares in the company, valued at $5,231,200. The trade was a 9.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph Edward Sweeney sold 4,636 shares of the firm's stock in a transaction dated 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 of the company's stock, 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. 0.73% of the stock is owned by corporate insiders.

Ameriprise Financial Company 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.