Novare Capital Management LLC Lowers Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Novare Capital Management LLC lowered its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,226 shares of the financial services provider's stock after selling 572 shares during the quarter. Ameriprise Financial accounts for 1.1% of Novare Capital Management LLC's portfolio, making the stock its 27th biggest holding. Novare Capital Management LLC's holdings in Ameriprise Financial were worth $12,696,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth $26,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth $28,000. Sunbeam Capital Management LLC purchased a new stake in shares of Ameriprise Financial in the 4th quarter worth $31,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Ameriprise Financial during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $0.09 during mid-day trading on Tuesday, reaching $536.33. The stock had a trading volume of 385,627 shares, compared to its average volume of 525,690. The business's fifty day moving average is $511.06 and its 200-day moving average is $511.16. 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 $51.07 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 2.03 and a beta of 1.23. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The company's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company 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 announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $1.60 dividend. 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 dividend on an annualized basis and a dividend yield of 1.19%. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AMP. Piper Sandler upped their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Royal Bank Of Canada upped their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods upped their price objective 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. Finally, Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $517.86.

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.