Nuveen LLC Buys Shares of 969,478 Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Nuveen LLC acquired a significant stake in Ameriprise Financial, purchasing 969,478 shares valued at approximately $469 million, which accounts for about 1.02% of the company's shares as of the end of the last reporting period.
• Ameriprise Financial announced a quarterly dividend of $1.60 per share, with an annualized yield of 1.3%, and a stock repurchase program allowing buybacks of up to $4.50 billion.
• Recent analyst ratings for Ameriprise Financial are mixed, with price targets ranging from $423 to $601, while the stock maintains an average rating of "Hold" among analysts.

Nuveen LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 969,478 shares of the financial services provider's stock, valued at approximately $469,334,000. Nuveen LLC owned 1.02% of Ameriprise Financial at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AMP. JPMorgan Chase & Co. lifted its position in shares of Ameriprise Financial by 21.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock valued at $2,819,900,000 after acquiring an additional 1,023,002 shares during the period. GAMMA Investing LLC increased its stake in Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock valued at $1,023,461,000 after purchasing an additional 2,109,824 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Ameriprise Financial by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock worth $770,886,000 after buying an additional 23,655 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Ameriprise Financial by 19.8% during the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock valued at $675,344,000 after buying an additional 209,549 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Ameriprise Financial by 28.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock worth $578,852,000 after acquiring an additional 266,631 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Stock Performance

Ameriprise Financial stock traded up $4.73 during trading on Thursday, hitting $513.99. The stock had a trading volume of 467,241 shares, compared to its average volume of 509,217. The stock's 50 day moving average is $521.94 and its two-hundred day moving average is $508.46. Ameriprise Financial, Inc. has a 1 year low of $396.14 and a 1 year high of $582.05. The stock has a market cap of $48.46 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 1.10 and a beta of 1.24. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The firm had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the firm earned $8.72 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

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

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be given a $1.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial's payout ratio is 19.91%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Raymond James Financial increased their price target on Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Piper Sandler raised their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, William Blair downgraded shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $534.71.

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.