JPMorgan Chase & Co. Buys 1,023,002 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• JPMorgan Chase & Co. increased its holdings in Ameriprise Financial by 21.3% in the first quarter, owning 5,824,915 shares valued at approximately $2.82 billion.
• Ameriprise Financial reported quarterly earnings of $9.11 EPS, exceeding estimates, with revenue of $4.49 billion, a year-over-year increase of 2.2%.
• The company has initiated a $4.50 billion share buyback program, indicating a belief that its stock is undervalued.

JPMorgan Chase & Co. increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 21.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,824,915 shares of the financial services provider's stock after purchasing an additional 1,023,002 shares during the period. JPMorgan Chase & Co. owned about 6.12% of Ameriprise Financial worth $2,819,900,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of AMP. Brighton Jones LLC grew its position in Ameriprise Financial by 6.9% in the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock valued at $413,000 after acquiring an additional 50 shares during the period. Wellington Management Group LLP grew its position in Ameriprise Financial by 19.1% in the fourth quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider's stock valued at $866,000 after acquiring an additional 261 shares during the period. DRW Securities LLC bought a new stake in Ameriprise Financial in the fourth quarter valued at $290,000. CenterBook Partners LP grew its position in Ameriprise Financial by 14.0% in the fourth quarter. CenterBook Partners LP now owns 1,143 shares of the financial services provider's stock valued at $609,000 after acquiring an additional 140 shares during the period. Finally, Scotia Capital Inc. lifted its stake in shares of Ameriprise Financial by 263.5% during the fourth quarter. Scotia Capital Inc. now owns 1,585 shares of the financial services provider's stock valued at $844,000 after acquiring an additional 1,149 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Stock Up 0.3%

Shares of NYSE AMP traded up $1.57 during mid-day trading on Monday, reaching $506.53. 356,886 shares of the company's stock were exchanged, compared to its average volume of 436,008. The firm has a market capitalization of $47.75 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 1.08 and a beta of 1.24. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $521.88 and a 200 day simple moving average of $508.40. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. Ameriprise Financial's revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $8.72 earnings per share. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

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

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is currently 19.91%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AMP shares. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company 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. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. 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. Finally, William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $534.71.

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.