CenterBook Partners LP Grows Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

CenterBook Partners LP lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 59.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,827 shares of the financial services provider's stock after buying an additional 684 shares during the period. CenterBook Partners LP's holdings in Ameriprise Financial were worth $884,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial in the fourth quarter worth approximately $31,000. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the first quarter worth approximately $36,000. Quarry LP boosted its holdings in Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after purchasing an additional 52 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Ameriprise Financial in the fourth quarter worth approximately $47,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Price Performance

Ameriprise Financial stock traded up $4.64 during mid-day trading on Friday, hitting $544.46. The stock had a trading volume of 406,234 shares, compared to its average volume of 490,940. The firm has a market capitalization of $51.85 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.16 and a beta of 1.23. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. The firm's 50 day moving average is $521.30 and its 200 day moving average is $511.36. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its 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 company had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial's quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted $8.39 earnings per share. On average, sell-side analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial announced that its board has approved a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were paid a $1.60 dividend. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio (DPR) is presently 21.75%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMP. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock 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 increased their price target for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Piper Sandler increased their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research report on Thursday, July 3rd. 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 target on the stock in a research report on Monday, April 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $524.71.

Ameriprise Financial Company 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.