Elyxium Wealth LLC Acquires New Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Elyxium Wealth LLC acquired a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,407 shares of the financial services provider's stock, valued at approximately $681,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AMP. GAMMA Investing LLC increased its stake in Ameriprise Financial by 1.9% in the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after buying an additional 83 shares during the period. Spire Wealth Management boosted its holdings in shares of Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock valued at $692,000 after acquiring an additional 683 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after acquiring an additional 806 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Ameriprise Financial by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after purchasing an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock valued at $2,864,000 after purchasing an additional 420 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

AMP traded up $4.64 during trading on Friday, reaching $544.46. 406,234 shares of the stock were exchanged, compared to its average volume of 490,940. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $51.84 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 1.16 and a beta of 1.23. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The business's 50 day moving average price is $521.30 and its two-hundred day moving average price is $511.36.

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 (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.39 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

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

Ameriprise Financial Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AMP shares. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $565.00 to $595.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective on the stock in a report on Monday, April 7th. Piper Sandler raised their target price on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods boosted 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, July 9th. Finally, Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of "Hold" and a consensus price target of $524.71.

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.