Greatmark Investment Partners Inc. Purchases 607 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Greatmark Investment Partners Inc. lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 37,848 shares of the financial services provider's stock after purchasing an additional 607 shares during the quarter. Ameriprise Financial accounts for approximately 2.5% of Greatmark Investment Partners Inc.'s holdings, making the stock its 14th biggest holding. Greatmark Investment Partners Inc.'s holdings in Ameriprise Financial were worth $18,322,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. TCTC Holdings LLC acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at approximately $36,000. Finally, Quarry LP raised its position in shares of Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 52 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 0.5%

Shares of AMP traded up $2.89 during mid-day trading on Monday, hitting $539.20. 62,318 shares of the company's stock were exchanged, compared to its average volume of 518,605. The company has a market cap of $51.34 billion, a PE ratio of 18.32, a P/E/G ratio of 1.16 and a beta of 1.23. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a 50-day simple moving average of $516.21 and a 200 day simple moving average of $511.16. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60.

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

Ameriprise Financial declared that its board has authorized a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

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 paid a dividend of $1.60 per share. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio (DPR) is currently 21.75%.

Analysts Set New Price Targets

Several brokerages have commented on AMP. Piper Sandler raised their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $565.00 to $595.00 and gave the stock an "outperform" rating in a report on Thursday. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. 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 equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $526.43.

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.