Bank of Nova Scotia Acquires 14,092 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Bank of Nova Scotia boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 93.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,096 shares of the financial services provider's stock after purchasing an additional 14,092 shares during the period. Bank of Nova Scotia's holdings in Ameriprise Financial were worth $14,085,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $31,000. Opal Wealth Advisors LLC bought a new stake in Ameriprise Financial in the first quarter worth about $36,000. Quarry LP boosted its stake in Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC boosted its stake in Ameriprise Financial by 100.0% in the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $501.61 on Monday. The firm has a market capitalization of $47.76 billion, a P/E ratio of 15.61, a PEG ratio of 1.07 and a beta of 1.24. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. 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 business has a fifty day moving average price of $522.52 and a 200-day moving average price of $510.66.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued 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. The business had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.72 EPS. As a group, equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its board has authorized a share 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 reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on AMP shares. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Piper Sandler boosted their target price on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Raymond James Financial lifted their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $534.71.

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.

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