State of New Jersey Common Pension Fund D Has $15.46 Million Holdings in Ameriprise Financial, Inc. $AMP

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Ameriprise Financial by 10.6%, owning 31,935 shares valued at approximately $15.46 million after selling 3,780 shares in the first quarter.
• GAMMA Investing LLC significantly increased its holdings in Ameriprise Financial by 49,248.9%, now owning over 2 million shares worth approximately $1.02 billion.
• Ameriprise Financial is set to pay a quarterly dividend of $1.60 on August 18th, marking a 1.3% dividend yield, while also announcing a stock repurchase plan of up to $4.5 billion.

State of New Jersey Common Pension Fund D reduced its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 31,935 shares of the financial services provider's stock after selling 3,780 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Ameriprise Financial were worth $15,460,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. GAMMA Investing LLC raised its position in Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after purchasing an additional 83 shares during the last quarter. Spire Wealth Management increased its stake in shares of Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after buying an additional 683 shares during the period. Exchange Traded Concepts LLC raised its position in shares of 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 acquiring an additional 806 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after acquiring an additional 1,433 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after acquiring an additional 420 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMP. Raymond James Financial increased their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Finally, Piper Sandler lifted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average price target of $534.71.

Ameriprise Financial Stock Down 0.2%

NYSE:AMP traded down $1.0110 during trading hours on Wednesday, reaching $505.2490. The company had a trading volume of 443,039 shares, compared to its average volume of 506,279. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. The firm has a market cap of $47.63 billion, a price-to-earnings ratio of 15.72, a P/E/G ratio of 1.08 and a beta of 1.24. The business's 50-day simple moving average is $521.26 and its two-hundred day simple moving average is $506.63.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings data 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 net margin of 18.30% and a return on equity of 65.90%. The company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the firm earned $8.72 EPS. The business's revenue was up 2.2% on a year-over-year basis. On average, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a dividend of $1.60 per share. The ex-dividend date was Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. Ameriprise Financial's payout ratio is currently 19.91%.

Ameriprise Financial announced that its board has initiated a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Ameriprise Financial Profile

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.