Abundance Wealth Counselors Takes Position in Ameriprise Financial, Inc. (NYSE:AMP)

Abundance Wealth Counselors bought a new stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,327 shares of the financial services provider's stock, valued at approximately $642,000.

A number of other institutional investors have also recently modified their holdings of AMP. GAMMA Investing LLC lifted its position in shares of Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after buying an additional 2,109,824 shares during the last quarter. Norges Bank bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $689,272,000. JPMorgan Chase & Co. lifted its position in shares of Ameriprise Financial by 12.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after buying an additional 516,437 shares during the last quarter. Proficio Capital Partners LLC lifted its position in shares of Ameriprise Financial by 79,679.4% during the 4th quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock worth $197,943,000 after buying an additional 371,306 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after buying an additional 209,549 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods upped their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 4th. Finally, Royal Bank Of Canada upped their target price on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average target price of $517.13.

Ameriprise Financial Price Performance

Shares of AMP opened at $506.01 on Friday. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The business has a 50-day simple moving average of $495.97 and a two-hundred day simple moving average of $513.14. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10. The stock has a market cap of $48.18 billion, a PE ratio of 17.19, a PEG ratio of 1.89 and a beta of 1.24.

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 analysts' consensus estimates of $9.08 by $0.42. The business had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.39 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $1.60 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.26%. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Ameriprise Financial announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

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.

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