Ethic Inc. Purchases 746 Shares of Ameriprise Financial, Inc. $AMP

Key Points

• Ethic Inc. increased its stake in Ameriprise Financial by 4.6%, now holding 16,820 shares valued at approximately $8.22 million.
• Analysts have mixed ratings for Ameriprise Financial, with price targets ranging from $423 to $601, and an average rating of "Hold."
• The company reported a strong earnings performance, with an EPS of $9.11, exceeding analysts' expectations, and announced a quarterly dividend of $1.60 per share.

Ethic Inc. boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,820 shares of the financial services provider's stock after buying an additional 746 shares during the quarter. Ethic Inc.'s holdings in Ameriprise Financial were worth $8,220,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of AMP. University of Texas Texas AM Investment Management Co. acquired a new position in Ameriprise Financial in the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in Ameriprise Financial in the fourth quarter worth $31,000. Opal Wealth Advisors LLC acquired a new position in Ameriprise Financial in the first quarter worth $36,000. Quarry LP boosted its stake 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 in the last quarter. Finally, TCTC Holdings LLC boosted its stake in 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 in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Analyst Ratings Changes

AMP has been the topic of a number of recent analyst reports. Piper Sandler boosted their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. Royal Bank Of Canada upped their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Raymond James Financial upped their price target on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research note on Friday, July 25th. Finally, William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $534.71.

Ameriprise Financial Trading Down 0.2%

Shares of Ameriprise Financial stock traded down $1.2280 during trading hours on Thursday, hitting $504.1720. The company's stock had a trading volume of 92,867 shares, compared to its average volume of 503,621. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05. The stock has a 50 day moving average of $521.06 and a 200 day moving average of $506.62. The company has a market capitalization of $47.53 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the prior year, the company earned $8.72 earnings per share. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

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

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, August 4th. Ameriprise Financial's dividend payout ratio is 19.91%.

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.