Mitsubishi UFJ Asset Management Co. Ltd. Grows Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Ameriprise Financial by 9.5% during the first quarter, now owning 169,807 shares valued at approximately $82.2 million.
• Ameriprise Financial reported earnings of $9.11 per share, exceeding analyst expectations, and had revenues of $4.49 billion for the latest quarter.
• The company announced a significant $4.50 billion share repurchase program, indicating confidence in its stock valuation.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,807 shares of the financial services provider's stock after purchasing an additional 14,714 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Ameriprise Financial worth $82,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at $31,000. Opal Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial in the first quarter valued at $36,000. Quarry LP raised its stake in shares of Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC raised its stake in shares of Ameriprise Financial by 100.0% in the first quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 49 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

AMP stock traded up $1.57 during trading on Monday, reaching $506.53. The company had a trading volume of 356,886 shares, compared to its average volume of 436,008. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The firm has a 50-day simple moving average of $521.88 and a 200-day simple moving average of $508.40. The company has a market cap of $47.75 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the previous year, the business posted $8.72 EPS. The business's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has initiated a stock 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 repurchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial's payout ratio is currently 19.91%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Raymond James Financial raised their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. Piper Sandler raised their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada raised their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average 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.