Massachusetts Financial Services Co. MA Purchases 8,124 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Massachusetts Financial Services Co. MA boosted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 242,445 shares of the financial services provider's stock after acquiring an additional 8,124 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.25% of Ameriprise Financial worth $117,370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMP. Brighton Jones LLC raised its position in shares of 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 purchasing an additional 50 shares during the period. Proficio Capital Partners LLC raised its position in shares of Ameriprise Financial by 49.8% in the fourth quarter. Proficio Capital Partners LLC now owns 698 shares of the financial services provider's stock valued at $372,000 after purchasing an additional 232 shares during the period. Avantax Advisory Services Inc. raised its position in shares of Ameriprise Financial by 6.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 2,421 shares of the financial services provider's stock valued at $1,289,000 after purchasing an additional 139 shares during the period. Parallel Advisors LLC raised its position in shares of Ameriprise Financial by 2.9% in the fourth quarter. Parallel Advisors LLC now owns 4,292 shares of the financial services provider's stock valued at $2,285,000 after purchasing an additional 121 shares during the period. Finally, Horizon Investments LLC raised its position in shares of Ameriprise Financial by 1.4% in the fourth quarter. Horizon Investments LLC now owns 1,602 shares of the financial services provider's stock valued at $851,000 after purchasing an additional 22 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Trading Up 0.9%

Shares of NYSE:AMP traded up $4.64 during mid-day trading on Friday, reaching $544.46. The stock had a trading volume of 406,234 shares, compared to its average volume of 492,316. The firm has a 50 day simple moving average of $520.25 and a two-hundred day simple moving average of $511.42. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. The firm has a market cap of $51.84 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 1.12 and a beta of 1.23.

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 predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its board has authorized a share buyback program on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a dividend of $1.60 per share. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. This represents a $6.40 annualized dividend and a yield of 1.18%. Ameriprise Financial's dividend payout ratio (DPR) is currently 21.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. 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 for the company in a research note on Monday, April 7th. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Morgan Stanley cut shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their target price for the company from $462.00 to $530.00 in a research note on Tuesday. Finally, Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $524.71.

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.