iA Global Asset Management Inc. Has $1.26 Million Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• iA Global Asset Management Inc. increased its stake in Ameriprise Financial by 39.9%, owning 2,593 shares valued at approximately $1.26 million.
• Ameriprise Financial reported quarterly earnings of $9.11 EPS, exceeding estimates and showcasing a 2.2% revenue growth year-over-year.
• The company has declared a quarterly dividend of $1.60 per share, representing a 1.3% yield, with an upcoming ex-dividend date of August 4th.

iA Global Asset Management Inc. raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 39.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,593 shares of the financial services provider's stock after buying an additional 740 shares during the period. iA Global Asset Management Inc.'s holdings in Ameriprise Financial were worth $1,255,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after buying an additional 83 shares in the last quarter. Spire Wealth Management increased its holdings in shares of Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after buying an additional 683 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings 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 buying an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 buying an additional 1,433 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of Ameriprise Financial by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after buying an additional 420 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Trading Up 0.6%

AMP opened at $508.18 on Thursday. The stock has a market capitalization of $48.39 billion, a P/E ratio of 15.81, a P/E/G ratio of 1.08 and a beta of 1.24. Ameriprise Financial, Inc. has a 12 month low of $392.10 and a 12 month high of $582.05. The firm's fifty day simple moving average is $522.30 and its 200 day simple moving average is $510.30. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.95.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the previous year, the firm posted $8.72 EPS. The firm's revenue was up 2.2% compared to the same quarter last year. As a group, research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

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

Ameriprise Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research reports. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a report on Wednesday, July 9th. Piper Sandler raised their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a report on Thursday, July 3rd. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, Raymond James Financial raised their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a report on Friday, July 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $534.71.

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.

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