Michels Family Financial LLC Acquires Shares of 1,125 Ameriprise Financial, Inc. (NYSE:AMP)

Michels Family Financial LLC bought a new stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,125 shares of the financial services provider's stock, valued at approximately $599,000.

Several other institutional investors and hedge funds also recently bought and sold shares of AMP. TCTC Holdings LLC acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth about $26,000. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial during the fourth quarter worth about $26,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial during the fourth quarter worth about $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter valued at about $28,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in shares of Ameriprise Financial in the 4th quarter valued at approximately $30,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 4th. Wall Street Zen cut Ameriprise Financial from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Royal Bank of Canada raised their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Piper Sandler lifted their price objective on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and a consensus price target of $517.13.

Ameriprise Financial Stock Up 2.6%

Shares of NYSE AMP traded up $12.89 during mid-day trading on Tuesday, hitting $517.35. The company had a trading volume of 392,819 shares, compared to its average volume of 493,977. The company has a market capitalization of $49.26 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28. The business's 50-day simple moving average is $482.33 and its 200 day simple moving average is $519.38. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period in the prior year, the firm posted $8.39 EPS. The company's quarterly revenue was up 3.6% compared to the same quarter last year. On average, analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given 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 1.24%. The ex-dividend date was Monday, May 5th. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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

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.