Mackenzie Financial Corp Has $5.53 Million Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Mackenzie Financial Corp increased its stake in Ameriprise Financial by 8.0%, holding 11,420 shares valued at approximately $5.5 million.
• Institutional investors own 83.95% of Ameriprise Financial's stock, showing strong institutional interest.
• Ameriprise Financial reported an earnings per share (EPS) of $9.11 for the last quarter, surpassing analyst expectations of $9.00.

Mackenzie Financial Corp grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,420 shares of the financial services provider's stock after acquiring an additional 850 shares during the period. Mackenzie Financial Corp's holdings in Ameriprise Financial were worth $5,529,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Ameriprise Financial by 6.9% in the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after purchasing an additional 50 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Ameriprise Financial by 19.1% during the fourth quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider's stock worth $866,000 after buying an additional 261 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $1,804,000. Massachusetts Financial Services Co. MA grew its stake in shares of Ameriprise Financial by 3.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 234,321 shares of the financial services provider's stock valued at $124,760,000 after acquiring an additional 6,915 shares in the last quarter. Finally, Huntington National Bank increased its position in Ameriprise Financial by 6.8% during the fourth quarter. Huntington National Bank now owns 2,971 shares of the financial services provider's stock worth $1,582,000 after acquiring an additional 189 shares during the period. Institutional investors own 83.95% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on AMP. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their price objective for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. William Blair cut shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Piper Sandler raised their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Finally, Raymond James Financial boosted 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average target price of $534.71.

Ameriprise Financial Price Performance

AMP stock traded down $16.58 during trading on Friday, reaching $501.61. 496,021 shares of the company were exchanged, compared to its average volume of 451,211. The company has a market capitalization of $47.76 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 1.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. The company has a 50-day moving average of $522.52 and a two-hundred day moving average of $510.91. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share 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 firm 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 firm posted $8.72 earnings per share. The company's revenue was up 2.2% on a year-over-year basis. As a group, equities analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial announced that its board has authorized a stock buyback program 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 repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management 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.