Wealth Enhancement Advisory Services LLC Has $12.50 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Wealth Enhancement Advisory Services LLC cut its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 27.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,469 shares of the financial services provider's stock after selling 8,768 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Ameriprise Financial were worth $12,496,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in Ameriprise Financial by 12.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock valued at $2,556,683,000 after acquiring an additional 516,437 shares during the period. Geode Capital Management LLC boosted its position in shares of Ameriprise Financial by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock worth $1,407,607,000 after purchasing an additional 38,141 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Ameriprise Financial by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock valued at $770,886,000 after buying an additional 23,655 shares in the last quarter. Norges Bank purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at about $689,272,000. Finally, Northern Trust Corp lifted its holdings in shares of Ameriprise Financial by 19.8% in 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 last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AMP. Raymond James upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price for the company in a report on Monday, April 7th. Royal Bank of Canada increased their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Morgan Stanley increased their target price on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and a consensus price target of $517.13.

Ameriprise Financial Stock Up 0.6%

Shares of NYSE:AMP traded up $2.92 during trading on Tuesday, reaching $513.05. 202,865 shares of the company traded hands, compared to its average volume of 492,522. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The firm has a fifty day simple moving average of $483.21 and a 200 day simple moving average of $517.61. The firm has a market cap of $48.85 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business's revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.39 EPS. Analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has initiated a stock repurchase program 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 programs are typically a sign that the company's board believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were given a $1.60 dividend. The ex-dividend date was Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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.