Russell Investments Group Ltd. Purchases 10,234 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Russell Investments Group Ltd. increased its stake in Ameriprise Financial by 8.1%, owning approximately 0.14% of the company, worth $66.4 million as of their latest SEC filing.
• Ameriprise Financial reported earnings of $9.11 per share, beating analyst estimates, and also announced a quarterly dividend of $1.60 per share with a 1.3% yield.
• Institutional investors now comprise 83.95% of Ameriprise Financial's ownership, highlighting strong institutional interest in the company's stock.

Russell Investments Group Ltd. increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 8.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,265 shares of the financial services provider's stock after purchasing an additional 10,234 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Ameriprise Financial worth $66,414,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AMP. JPMorgan Chase & Co. grew its holdings in Ameriprise Financial by 21.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock valued at $2,819,900,000 after buying an additional 1,023,002 shares in the last quarter. GAMMA Investing LLC grew its holdings in Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock valued at $1,023,461,000 after buying an additional 2,109,824 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Ameriprise Financial by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock valued at $770,886,000 after buying an additional 23,655 shares in the last quarter. Northern Trust Corp grew its holdings in Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock valued at $675,344,000 after buying an additional 209,549 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock valued at $578,852,000 after buying an additional 266,631 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Down 2.1%

Shares of AMP stock traded down $10.94 on Friday, reaching $502.75. 424,794 shares of the company's stock were exchanged, compared to its average volume of 435,926. Ameriprise Financial, Inc. has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $47.39 billion, a PE ratio of 15.64, a P/E/G ratio of 1.07 and a beta of 1.24. The company's fifty day simple moving average is $521.74 and its 200 day simple moving average is $507.19.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the company earned $8.72 EPS. Ameriprise Financial's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is currently 19.91%.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on AMP. William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Raymond James Financial raised their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research note on Friday, July 25th. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their price objective for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Piper Sandler raised their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Finally, Royal Bank Of Canada raised their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $534.71.

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.