Harbor Capital Advisors Inc. Buys Shares of 1,995 Ameriprise Financial, Inc. (NYSE:AMP)

Harbor Capital Advisors Inc. bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,995 shares of the financial services provider's stock, valued at approximately $966,000.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 12.1% in the 4th 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 period. Geode Capital Management LLC raised its position in shares of Ameriprise Financial by 1.5% in the 4th 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 period. GAMMA Investing LLC raised its position in shares of Ameriprise Financial by 49,248.9% in the 1st 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Ameriprise Financial by 1.7% in the 4th 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 period. Finally, Norges Bank acquired a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $689,272,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $14.28 on Friday, hitting $501.27. 393,337 shares of the stock were exchanged, compared to its average volume of 496,442. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The firm's 50 day moving average is $491.95 and its two-hundred day moving average is $514.48. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $47.73 billion, a PE ratio of 15.16, a P/E/G ratio of 1.15 and a beta of 1.24.

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 return on equity of 69.35% and a net margin of 19.70%. The business had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same quarter in the prior year, the firm earned $8.39 earnings per share. Ameriprise Financial's revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were issued a dividend of $1.60 per share. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Royal Bank of Canada lifted their price objective on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Raymond James raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price for the company in a report on Monday, April 7th. Finally, Morgan Stanley lifted their target price on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $517.13.

Ameriprise Financial Company 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.