Principal Financial Group Inc. Decreases Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Principal Financial Group Inc. reduced its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 268,217 shares of the financial services provider's stock after selling 24,169 shares during the quarter. Principal Financial Group Inc. owned about 0.28% of Ameriprise Financial worth $129,847,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TCTC Holdings LLC bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Ameriprise Financial in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at $28,000. Sunbeam Capital Management LLC acquired a new position in Ameriprise Financial during the fourth quarter worth $31,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Ameriprise Financial in the first quarter valued at $36,000. Institutional investors own 83.95% of the company's stock.

Analyst Upgrades and Downgrades

AMP has been the subject of several recent research reports. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods boosted their price objective on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Royal Bank Of Canada raised their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday. 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 report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $517.86.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded up $0.62 during midday trading on Friday, reaching $543.06. The company's stock had a trading volume of 264,141 shares, compared to its average volume of 496,189. The stock has a market capitalization of $51.71 billion, a P/E ratio of 18.45, a PEG ratio of 2.03 and a beta of 1.23. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a 50 day moving average price of $509.70 and a 200-day moving average price of $511.32. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. Ameriprise Financial's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company posted $8.39 earnings per share. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

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 issued a $1.60 dividend. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's payout ratio is 21.75%.

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

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.