3Chopt Investment Partners LLC Makes New $451,000 Investment in Ameriprise Financial, Inc. (NYSE:AMP)

3Chopt Investment Partners LLC purchased a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 932 shares of the financial services provider's stock, valued at approximately $451,000.

A number of other hedge funds have also recently added to or reduced their stakes in AMP. Brighton Jones LLC lifted its holdings in Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after purchasing an additional 50 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in Ameriprise Financial by 5.2% during the fourth quarter. NewEdge Wealth LLC now owns 3,608 shares of the financial services provider's stock valued at $1,921,000 after purchasing an additional 178 shares in the last quarter. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial during the fourth quarter valued at $28,000. Oppenheimer Asset Management Inc. lifted its holdings in Ameriprise Financial by 3.2% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 4,791 shares of the financial services provider's stock valued at $2,551,000 after purchasing an additional 150 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in Ameriprise Financial by 3.0% during the fourth quarter. Oppenheimer & Co. Inc. now owns 6,551 shares of the financial services provider's stock valued at $3,488,000 after purchasing an additional 193 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Trading Up 0.6%

Shares of NYSE AMP traded up $3.02 during midday trading on Friday, reaching $528.50. 654,277 shares of the stock were exchanged, compared to its average volume of 495,995. The company has a 50 day simple moving average of $502.29 and a 200 day simple moving average of $511.32. The stock has a market capitalization of $50.32 billion, a P/E ratio of 17.96, a PEG ratio of 1.97 and a beta of 1.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The business's revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $8.39 EPS. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were issued a dividend of $1.60 per share. The ex-dividend date was Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio (DPR) is currently 21.75%.

Ameriprise Financial declared that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AMP. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Royal Bank Of Canada increased their target price 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. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Raymond James Financial upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price for the company in a research report on Monday, April 7th. One equities research analyst has 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $519.00.

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.