Michels Family Financial LLC Purchases New Shares in Ameriprise Financial, Inc. (NYSE:AMP)

Michels Family Financial LLC bought a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 1,125 shares of the financial services provider's stock, valued at approximately $599,000.

Several other large investors have also recently modified their holdings of AMP. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter valued at $26,000. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial in the 4th quarter worth about $26,000. Whipplewood Advisors LLC purchased a new position in shares of Ameriprise Financial during the fourth quarter worth approximately $28,000. Rialto Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $28,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $30,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $0.40 during mid-day trading on Thursday, reaching $509.71. The stock had a trading volume of 170,084 shares, compared to its average volume of 492,194. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05. The firm has a market cap of $48.54 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.15 and a beta of 1.28. 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 business's fifty day moving average is $483.16 and its 200-day moving average is $519.31.

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

Ameriprise Financial declared that its board has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio is currently 21.75%.

Analyst Upgrades and Downgrades

Several research analysts have commented on AMP shares. Wall Street Zen downgraded Ameriprise Financial from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Royal Bank of Canada lifted their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Morgan Stanley increased their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. 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 report on Wednesday, May 7th. Finally, Raymond James upgraded shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective on the stock in a research note on Monday, April 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Ameriprise Financial has an average rating of "Hold" and an average target price of $517.13.

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.