Moran Wealth Management LLC Sells 621 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Moran Wealth Management LLC trimmed its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,796 shares of the financial services provider's stock after selling 621 shares during the period. Ameriprise Financial comprises about 1.3% of Moran Wealth Management LLC's investment portfolio, making the stock its 7th largest position. Moran Wealth Management LLC owned about 0.08% of Ameriprise Financial worth $39,114,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial during the fourth quarter valued at approximately $26,000. TCTC Holdings LLC purchased a new position in shares of Ameriprise Financial during the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $28,000. Whipplewood Advisors LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $28,000. Finally, Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at $31,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on AMP. Raymond James Financial raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. Royal Bank Of Canada lifted their target price on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods upped their price target 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $517.13.

Ameriprise Financial Stock Up 0.6%

Shares of NYSE:AMP traded up $2.88 during mid-day trading on Wednesday, hitting $524.22. 356,964 shares of the company traded hands, compared to its average volume of 496,630. The firm's 50 day simple moving average is $498.58 and its 200 day simple moving average is $511.82. The firm has a market cap of $49.92 billion, a P/E ratio of 17.81, a PEG ratio of 1.94 and a beta of 1.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates 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 quarter last year, the firm posted $8.39 earnings per share. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.22%. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

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

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.