Alta Advisers Ltd Makes New Investment in Ameriprise Financial, Inc. (NYSE:AMP)

Alta Advisers Ltd bought a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 516 shares of the financial services provider's stock, valued at approximately $250,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AMP. GAMMA Investing LLC lifted its position in Ameriprise Financial by 49,248.9% in the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. Norges Bank bought a new position in Ameriprise Financial in the fourth quarter worth $689,272,000. JPMorgan Chase & Co. lifted its position in Ameriprise Financial by 12.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after purchasing an additional 516,437 shares during the period. Northern Trust Corp lifted its position in Ameriprise Financial by 19.8% in the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares during the period. Finally, Amundi lifted its position in Ameriprise Financial by 48.0% in the fourth quarter. Amundi now owns 642,226 shares of the financial services provider's stock worth $343,546,000 after purchasing an additional 208,195 shares during the period. 83.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a report on Monday, April 7th. Piper Sandler lifted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $517.86.

Ameriprise Financial Price Performance

Shares of NYSE:AMP traded up $0.62 during midday trading on Friday, reaching $543.06. The company's stock had a trading volume of 264,141 shares, compared to its average volume of 496,189. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a market capitalization of $51.71 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.03 and a beta of 1.23. 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 business's fifty day simple moving average is $509.70 and its 200-day simple moving average is $511.32.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share 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 company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period last year, the company posted $8.39 earnings per share. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm 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. The ex-dividend date was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.18%. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

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

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.