Mirae Asset Global Investments Co. Ltd. Sells 777 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,209 shares of the financial services provider's stock after selling 777 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Ameriprise Financial were worth $9,745,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its position in Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after acquiring an additional 50 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 3.2% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 4,791 shares of the financial services provider's stock valued at $2,551,000 after purchasing an additional 150 shares in the last quarter. Private Trust Co. NA grew its holdings in shares of Ameriprise Financial by 3.0% during the 4th quarter. Private Trust Co. NA now owns 896 shares of the financial services provider's stock valued at $477,000 after purchasing an additional 26 shares during the last quarter. Fisher Asset Management LLC purchased a new position in Ameriprise Financial in the 4th quarter worth $214,000. Finally, Metis Global Partners LLC grew its position in Ameriprise Financial by 25.5% during the 4th quarter. Metis Global Partners LLC now owns 4,322 shares of the financial services provider's stock worth $2,301,000 after acquiring an additional 879 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.1%

Shares of NYSE AMP traded up $0.62 during mid-day trading on Friday, hitting $543.06. 264,141 shares of the stock traded hands, compared to its average volume of 496,189. The company has a market cap of $51.71 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.03 and a beta of 1.23. The stock has a fifty day moving average price of $508.17 and a 200-day moving average price of $511.31. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results 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 17.14% and a return on equity of 68.93%. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period in the prior year, the firm earned $8.39 EPS. The company's revenue was up 3.6% compared to the same quarter last year. Research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a $1.60 dividend. The ex-dividend date was Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.18%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Wall Street Analysts Forecast Growth

AMP has been the subject of several analyst reports. Royal Bank Of Canada increased their price target 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. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target for the company in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $517.86.

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.