Merit Financial Group LLC Has $1.87 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Merit Financial Group LLC lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 118.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,866 shares of the financial services provider's stock after acquiring an additional 2,094 shares during the quarter. Merit Financial Group LLC's holdings in Ameriprise Financial were worth $1,872,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AMP. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial during the fourth quarter worth about $26,000. TCTC Holdings LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $28,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial in the 4th quarter worth $28,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in Ameriprise Financial in the 4th quarter worth $30,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 2.1%

Shares of NYSE AMP traded up $10.56 during trading on Friday, reaching $518.95. 326,071 shares of the stock were exchanged, compared to its average volume of 494,599. The company has a market capitalization of $49.42 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The business's 50-day moving average price is $485.10 and its 200 day moving average price is $516.83. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter last year, the company earned $8.39 EPS. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has initiated a share repurchase plan 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 repurchase up to 9.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm 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 annualized dividend and a dividend yield of 1.23%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio is currently 21.75%.

Wall Street Analysts Forecast Growth

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

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.