Ameriprise Financial, Inc. (NYSE:AMP) Shares Bought by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services LLC increased its stake in Ameriprise Financial by 7.9%, acquiring an additional 3,622 shares, bringing its total holdings to 49,501 shares valued at approximately $23.96 million.
• Ameriprise Financial reported a quarterly earnings per share (EPS) of $9.11, surpassing analysts' expectations, with year-over-year revenue growth of 2.2%.
• The company announced a $1.60 per share dividend for the upcoming quarter, representing a yield of 1.3%, and also authorized a share repurchase plan of up to $4.50 billion.

Commonwealth Equity Services LLC raised its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,501 shares of the financial services provider's stock after purchasing an additional 3,622 shares during the quarter. Commonwealth Equity Services LLC owned about 0.05% of Ameriprise Financial worth $23,964,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial during the 4th quarter valued at about $31,000. Opal Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter valued at about $36,000. Quarry LP increased its holdings in shares of 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 purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC raised its stake in shares of Ameriprise Financial by 100.0% in the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock worth $47,000 after purchasing an additional 49 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Price Performance

AMP stock traded up $6.06 during mid-day trading on Friday, reaching $504.51. 331,576 shares of the company's stock were exchanged, compared to its average volume of 510,660. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a 12-month low of $396.14 and a 12-month high of $582.05. The stock's 50 day moving average is $521.95 and its 200 day moving average is $509.54. The company has a market cap of $48.04 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.09 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted 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 business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The company's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $8.72 earnings per share. On average, research analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has approved a stock buyback program on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The company also recently announced 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 annualized dividend 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%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Piper Sandler lifted their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Royal Bank Of Canada increased their price objective on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and boosted their target price for the company from $462.00 to $530.00 in a research report on Tuesday, July 15th. Finally, Wall Street Zen raised 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 given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial 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.