Ameriprise Financial, Inc. $AMP Holdings Raised by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Ameriprise stake by 76.7% in the third quarter, adding 207,980 shares to hold 479,011 shares valued at about $237 million. Institutional investors collectively own 83.95% of the company.
• Analyst views are mixed: AMP has an average rating of Hold and an average price target of $557, with ratings ranging from Strong Buy to Sell.
• Ameriprise’s latest quarterly earnings and revenue fell short of analyst expectations, though revenue grew 6.8% year over year. The company authorized up to $5.5 billion in share buybacks and announced a $1.70 quarterly dividend.

Allspring Global Investments Holdings LLC lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 76.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 479,011 shares of the financial services provider's stock after buying an additional 207,980 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.55% of Ameriprise Financial worth $237,024,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMP. Hohimer Wealth Management LLC increased its holdings in shares of Ameriprise Financial by 4.3% in the third quarter. Hohimer Wealth Management LLC now owns 8,443 shares of the financial services provider's stock worth $4,157,000 after purchasing an additional 350 shares during the last quarter. M Holdings Securities Inc. purchased a new position in Ameriprise Financial during the 3rd quarter valued at approximately $342,000. Brighton Jones LLC increased its stake in Ameriprise Financial by 2.1% in the 3rd quarter. Brighton Jones LLC now owns 3,064 shares of the financial services provider's stock worth $1,509,000 after acquiring an additional 63 shares during the last quarter. Candriam S.C.A. increased its stake in Ameriprise Financial by 38.7% in the 3rd quarter. Candriam S.C.A. now owns 72,765 shares of the financial services provider's stock worth $35,957,000 after acquiring an additional 20,292 shares during the last quarter. Finally, Ethic Inc. increased its stake in Ameriprise Financial by 6.4% in the 3rd quarter. Ethic Inc. now owns 20,009 shares of the financial services provider's stock worth $9,852,000 after acquiring an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AMP shares. Piper Sandler upped their price objective on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Raymond James Financial raised their target price on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a "strong-buy" rating in a report on Friday, August 21st. Weiss Ratings upgraded shares of Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Evercore decreased their price target on shares of Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $557.00.

Ameriprise Financial Trading Up 0.2%

Shares of AMP stock opened at $502.44 on Monday. Ameriprise Financial, Inc. has a 1 year low of $422.37 and a 1 year high of $572.56. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.68 and a quick ratio of 0.68. The stock's 50 day simple moving average is $514.63 and its two-hundred day simple moving average is $493.16. The company has a market cap of $43.62 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.06 and a beta of 1.13.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing analysts' consensus estimates of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The company had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter last year, the firm posted $9.92 EPS. Ameriprise Financial's revenue for the quarter was up 6.8% compared to the same quarter last year. Research analysts predict that Ameriprise Financial, Inc. will post 46.24 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has authorized a stock buyback plan on Tuesday, September 29th that permits the company to buy back $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Share repurchase plans are often an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 9th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 9th. Ameriprise Financial's payout ratio is presently 15.30%.

Ameriprise Financial Company Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products.

The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis.

Ameriprise serves clients primarily in the United States through its network of financial advisors.

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