DAVENPORT & Co LLC Purchases 3,204 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

DAVENPORT & Co LLC boosted its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 13.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,045 shares of the financial services provider's stock after buying an additional 3,204 shares during the quarter. DAVENPORT & Co LLC's holdings in Ameriprise Financial were worth $13,093,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AMP. TCTC Holdings LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter worth about $26,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Ameriprise Financial in the 4th quarter worth approximately $28,000. Sunbeam Capital Management LLC purchased a new position in Ameriprise Financial during the 4th quarter worth approximately $31,000. Finally, Opal Wealth Advisors LLC purchased a new position in Ameriprise Financial during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 83.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AMP. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Royal Bank Of Canada boosted their price objective 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. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Raymond James Financial raised 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 note on Monday, April 7th. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Ameriprise Financial presently has an average rating of "Hold" and a consensus price target of $517.86.

Ameriprise Financial Stock Up 0.1%

AMP stock traded up $0.62 during trading hours on Friday, hitting $543.06. The company's stock had a trading volume of 264,141 shares, compared to its average volume of 496,189. The stock has a 50 day moving average price of $509.70 and a two-hundred day moving average price of $511.32. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a market capitalization of $51.71 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.23. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.10.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data 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. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The firm had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. During the same period in the prior year, the company posted $8.39 earnings per share. Ameriprise Financial's revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

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

Ameriprise Financial announced that its Board of Directors has initiated a share repurchase 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 typically a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Company 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.