Boyar Asset Management Inc. Lowers Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Boyar Asset Management Inc. trimmed its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,296 shares of the financial services provider's stock after selling 2,449 shares during the quarter. Ameriprise Financial makes up approximately 7.1% of Boyar Asset Management Inc.'s holdings, making the stock its 3rd largest position. Boyar Asset Management Inc.'s holdings in Ameriprise Financial were worth $9,825,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. TCTC Holdings LLC bought a new stake in Ameriprise Financial during the 4th quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $26,000. Whipplewood Advisors LLC purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $28,000. Finally, Sunbeam Capital Management LLC purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $31,000. 83.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on AMP shares. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Morgan Stanley lifted their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Royal Bank Of Canada lifted their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial upgraded shares of 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. One equities research analyst has 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $519.00.

Ameriprise Financial Stock Up 0.6%

NYSE AMP traded up $3.02 during mid-day trading on Friday, reaching $528.50. The stock had a trading volume of 654,277 shares, compared to its average volume of 495,995. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The stock has a market cap of $50.32 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 1.97 and a beta of 1.24. The company has a fifty day moving average price of $502.29 and a 200 day moving average price of $511.06. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The company's revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.39 EPS. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 1.21%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Ameriprise Financial declared that its board has authorized a stock repurchase 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 purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are 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.