Ameriprise Financial, Inc. (NYSE:AMP) Stock Position Lowered by Close Asset Management Ltd

Close Asset Management Ltd reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 9.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 295,447 shares of the financial services provider's stock after selling 32,282 shares during the quarter. Ameriprise Financial comprises about 4.1% of Close Asset Management Ltd's investment portfolio, making the stock its 8th biggest position. Close Asset Management Ltd owned 0.31% of Ameriprise Financial worth $143,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after buying an additional 83 shares during the last quarter. Spire Wealth Management lifted its holdings in Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after buying an additional 683 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after buying an additional 806 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Ameriprise Financial by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Ameriprise Financial by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after purchasing an additional 420 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

AMP stock traded down $18.96 during trading on Thursday, hitting $518.00. The stock had a trading volume of 864,518 shares, compared to its average volume of 518,489. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The stock has a market capitalization of $49.32 billion, a P/E ratio of 17.60, a PEG ratio of 1.15 and a beta of 1.23. The company's 50-day moving average price is $522.32 and its two-hundred day moving average price is $511.58.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the previous year, the firm posted $8.72 EPS. Ameriprise Financial's revenue was up 2.2% compared to the same quarter last year. As a group, research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share buyback program on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.24%. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMP. Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Morgan Stanley downgraded Ameriprise Financial from an "equal weight" rating to an "underweight" rating and increased their price target for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada increased their price target on Ameriprise Financial from $565.00 to $595.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $524.71.

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.