Ameriprise Financial, Inc. $AMP is Lyrical Asset Management LP's Largest Position

Key Points

• Lyrical Asset Management LP reduced its stake in Ameriprise Financial by 2.4%, now holding 787,360 shares, marking it as the largest position in its investment portfolio.
• Ameriprise Financial reported a quarterly EPS of $9.11, exceeding estimates, and announced a $4.50 billion stock repurchase plan to enhance shareholder value.
• The company declared a quarterly dividend of $1.60 per share, translating to an annual yield of 1.3%, with a payout ratio of 19.91%.

Lyrical Asset Management LP decreased its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 787,360 shares of the financial services provider's stock after selling 18,968 shares during the quarter. Ameriprise Financial accounts for about 5.9% of Lyrical Asset Management LP's investment portfolio, making the stock its largest position. Lyrical Asset Management LP owned approximately 0.83% of Ameriprise Financial worth $381,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Forum Financial Management LP lifted its holdings in Ameriprise Financial by 1.4% during the fourth quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock valued at $790,000 after purchasing an additional 21 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in Ameriprise Financial by 1.6% during the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after purchasing an additional 21 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in Ameriprise Financial by 3.0% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 712 shares of the financial services provider's stock valued at $345,000 after purchasing an additional 21 shares in the last quarter. Argent Trust Co lifted its holdings in Ameriprise Financial by 1.3% during the first quarter. Argent Trust Co now owns 1,698 shares of the financial services provider's stock valued at $822,000 after purchasing an additional 21 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in Ameriprise Financial by 1.3% during the first quarter. Ritholtz Wealth Management now owns 1,761 shares of the financial services provider's stock valued at $852,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

AMP traded up $2.11 during trading hours on Monday, hitting $505.19. The company's stock had a trading volume of 365,645 shares, compared to its average volume of 507,758. The business's 50-day moving average price is $521.74 and its 200-day moving average price is $506.90. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05. The stock has a market cap of $47.62 billion, a price-to-earnings ratio of 15.72, a P/E/G ratio of 1.07 and a beta of 1.24. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate 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 previous year, the business posted $8.72 earnings per share. Ameriprise Financial's quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share buyback plan on Thursday, April 24th that permits the company to buyback $4.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial's payout ratio is 19.91%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMP. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Royal Bank Of Canada boosted their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Raymond James Financial boosted their target price on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods boosted their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Finally, Piper Sandler boosted their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $534.71.

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.