Brookwood Investment Group LLC Buys Shares of 598 Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Brookwood Investment Group LLC has acquired 598 shares of Ameriprise Financial, valued at approximately $290,000, as part of its recent investment strategy.
• Ameriprise Financial's second quarter earnings report revealed an EPS of $9.11, exceeding estimates by $0.11, and showcasing a 2.2% revenue increase year-over-year.
• The company initiated a $4.50 billion stock repurchase program, indicating that its board believes the shares are currently undervalued.

Brookwood Investment Group LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 598 shares of the financial services provider's stock, valued at approximately $290,000.

A number of other institutional investors have also recently made changes to their positions in AMP. HighPoint Advisor Group LLC lifted its stake in Ameriprise Financial by 0.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock worth $1,419,000 after acquiring an additional 20 shares during the last quarter. Forum Financial Management LP lifted its position in shares of Ameriprise Financial by 1.4% during the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock worth $790,000 after buying an additional 21 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Ameriprise Financial by 1.6% in the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after acquiring an additional 21 shares during the period. Ritholtz Wealth Management raised its position in Ameriprise Financial by 1.3% in the 1st 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 during the last quarter. Finally, Apella Capital LLC raised its position in Ameriprise Financial by 4.1% in the 1st quarter. Apella Capital LLC now owns 581 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

AMP traded up $3.93 during trading on Friday, hitting $521.03. The stock had a trading volume of 465,228 shares, compared to its average volume of 421,686. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.60 and a current ratio of 0.62. The firm has a market capitalization of $49.61 billion, a P/E ratio of 16.21, a PEG ratio of 1.11 and a beta of 1.23. The company's 50-day moving average price is $522.24 and its 200 day moving average price is $511.28. 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 announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. Ameriprise Financial's revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $8.72 EPS. On average, equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share buyback 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 purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.23%. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Wall Street Analysts Forecast Growth

AMP has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Piper Sandler upped their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Finally, Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Two equities research 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 data from MarketBeat, Ameriprise Financial currently has a consensus rating of "Hold" and an average target price of $533.86.

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.