LPL Financial LLC Decreases Position in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• LPL Financial LLC reduced its stake in Ameriprise Financial by 1.4%, now owning 70,655 shares valued at approximately $34.2 million.
• Ameriprise Financial reported $9.11 earnings per share (EPS) for the last quarter, exceeding analysts' expectations, with revenue also up by 2.2% year-over-year.
• The company announced a quarterly dividend of $1.60 per share, representing an annual yield of 1.3% and a payout ratio of 19.91%.

LPL Financial LLC decreased its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,655 shares of the financial services provider's stock after selling 1,030 shares during the period. LPL Financial LLC owned approximately 0.07% of Ameriprise Financial worth $34,205,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Ameriprise Financial by 49,248.9% in the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares in the last quarter. Northern Trust Corp grew its position in shares of 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 acquiring an additional 209,549 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Ameriprise Financial during the 4th quarter valued at approximately $100,138,000. AQR Capital Management LLC grew its position in shares of Ameriprise Financial by 56.1% during the 4th quarter. AQR Capital Management LLC now owns 241,242 shares of the financial services provider's stock valued at $128,444,000 after acquiring an additional 86,678 shares during the period. Finally, Hsbc Holdings PLC grew its position in shares of Ameriprise Financial by 23.5% during the 4th quarter. Hsbc Holdings PLC now owns 372,805 shares of the financial services provider's stock valued at $198,366,000 after acquiring an additional 70,819 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

NYSE:AMP traded down $16.58 during trading hours on Friday, hitting $501.61. The stock had a trading volume of 496,021 shares, compared to its average volume of 451,211. The company has a 50 day simple moving average of $522.52 and a two-hundred day simple moving average of $510.91. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The firm has a market capitalization of $47.76 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 1.07 and a beta of 1.24.

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

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on AMP. Keefe, Bruyette & Woods increased their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Piper Sandler increased their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Raymond James Financial raised their price objective on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada raised their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently 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.