Victory Capital Management Inc. Decreases Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Victory Capital Management Inc. cut its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 6.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,828 shares of the financial services provider's stock after selling 13,537 shares during the quarter. Victory Capital Management Inc. owned approximately 0.20% of Ameriprise Financial worth $90,929,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Bryn Mawr Capital Management LLC increased its position in shares of Ameriprise Financial by 20.3% during the first quarter. Bryn Mawr Capital Management LLC now owns 628 shares of the financial services provider's stock worth $304,000 after buying an additional 106 shares during the period. Bridgewater Advisors Inc. purchased a new position in Ameriprise Financial during the first quarter valued at approximately $444,000. Tectonic Advisors LLC grew its stake in Ameriprise Financial by 4.4% in the 1st quarter. Tectonic Advisors LLC now owns 3,382 shares of the financial services provider's stock worth $1,637,000 after buying an additional 143 shares in the last quarter. Larson Financial Group LLC raised its holdings in Ameriprise Financial by 22.4% during the 1st quarter. Larson Financial Group LLC now owns 1,523 shares of the financial services provider's stock valued at $737,000 after buying an additional 279 shares during the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in Ameriprise Financial by 7.7% in the 1st quarter. Wealthfront Advisers LLC now owns 12,658 shares of the financial services provider's stock worth $6,128,000 after purchasing an additional 910 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AMP shares. Royal Bank Of Canada lifted their price objective on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a report on Monday, April 7th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Piper Sandler lifted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Finally, Morgan Stanley downgraded Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their price objective for the company from $462.00 to $530.00 in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $524.71.

Ameriprise Financial Price Performance

Shares of NYSE:AMP traded up $4.64 during midday trading on Friday, reaching $544.46. 406,234 shares of the company's stock traded hands, compared to its average volume of 491,415. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The company has a market cap of $51.84 billion, a P/E ratio of 18.50, a PEG ratio of 1.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The company has a fifty day simple moving average of $521.30 and a two-hundred day simple moving average of $511.51.

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

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, May 5th. 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%. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial announced that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Company 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.