Ameriprise Financial, Inc. (NYSE:AMP) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,629 shares of the financial services provider's stock after purchasing an additional 552 shares during the period. Cerity Partners LLC owned approximately 0.07% of Ameriprise Financial worth $33,708,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AMP. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares in the last quarter. Norges Bank purchased a new position in Ameriprise Financial during the fourth quarter worth about $689,272,000. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after purchasing an additional 516,437 shares in the last quarter. Northern Trust Corp raised its holdings in Ameriprise Financial by 19.8% during the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Ameriprise Financial during the fourth quarter worth about $100,138,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMP. Piper Sandler upped their target price 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. Royal Bank Of Canada upped their target price on shares of Ameriprise Financial from $565.00 to $595.00 and gave the stock an "outperform" rating in a research report on Thursday. Raymond James Financial upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Keefe, Bruyette & Woods upped their target price 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $526.43.

Ameriprise Financial Price Performance

Shares of AMP stock traded down $6.34 during trading hours on Friday, hitting $536.17. The company's stock had a trading volume of 358,381 shares, compared to its average volume of 497,559. The business has a fifty day moving average of $516.21 and a 200-day moving average of $511.37. The stock has a market cap of $51.06 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of 1.16 and a beta of 1.23. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10.

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

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a $1.60 dividend. The ex-dividend date was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.19%. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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 outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are usually 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.