Exchange Traded Concepts LLC Increases Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Exchange Traded Concepts LLC boosted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 488.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 971 shares of the financial services provider's stock after purchasing an additional 806 shares during the quarter. Exchange Traded Concepts LLC's holdings in Ameriprise Financial were worth $470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its position 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 valued at $2,556,683,000 after acquiring an additional 516,437 shares during the last quarter. Geode Capital Management LLC grew its position in Ameriprise Financial by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock valued at $1,407,607,000 after acquiring an additional 38,141 shares during the last quarter. GAMMA Investing LLC grew its position 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 valued at $1,023,461,000 after acquiring an additional 2,109,824 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Ameriprise Financial by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock valued at $770,886,000 after acquiring an additional 23,655 shares during the last quarter. Finally, Norges Bank bought a new position in Ameriprise Financial during the fourth quarter valued at approximately $689,272,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMP has been the topic of a number of recent research reports. Royal Bank Of Canada increased their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Morgan Stanley increased their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Finally, 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 report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $517.13.

Ameriprise Financial Stock Up 0.6%

Shares of Ameriprise Financial stock opened at $509.49 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The stock has a market capitalization of $48.51 billion, a price-to-earnings ratio of 17.31, a P/E/G ratio of 1.91 and a beta of 1.24. The company's 50 day moving average price is $496.77 and its 200-day moving average price is $512.42.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its 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. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The firm had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter last year, the business earned $8.39 earnings per share. The business's revenue was up 3.6% on a year-over-year basis. Equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $6.40 annualized dividend and a yield of 1.26%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's payout ratio is 21.75%.

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

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