Allspring Global Investments Holdings LLC Lowers Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Allspring Global Investments Holdings LLC trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 29.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 41,135 shares of the financial services provider's stock after selling 16,923 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ameriprise Financial were worth $20,102,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TCTC Holdings LLC acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at $26,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter valued at $28,000. Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter valued at about $31,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the first quarter valued at approximately $36,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

NYSE:AMP traded up $3.54 during trading hours on Wednesday, reaching $542.14. 520,918 shares of the company traded hands, compared to its average volume of 495,501. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. The firm's 50-day moving average is $505.35 and its 200-day moving average is $511.14. The stock has a market cap of $51.62 billion, a P/E ratio of 18.42, a P/E/G ratio of 1.99 and a beta of 1.23. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. During the same quarter last year, the company earned $8.39 earnings per share. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. Equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

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

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's payout ratio is currently 21.75%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMP. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Royal Bank Of Canada boosted their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Morgan Stanley raised 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. Finally, Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ameriprise Financial presently has an average rating of "Hold" and a consensus price target of $519.00.

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.