Pallas Capital Advisors LLC Purchases Shares of 1,492 Ameriprise Financial, Inc. (NYSE:AMP)

Pallas Capital Advisors LLC acquired a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,492 shares of the financial services provider's stock, valued at approximately $722,000.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after buying an additional 2,109,824 shares in the last quarter. Norges Bank bought a new stake in Ameriprise Financial in the fourth quarter valued at $689,272,000. JPMorgan Chase & Co. lifted its stake in Ameriprise Financial by 12.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock valued at $2,556,683,000 after buying an additional 516,437 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in Ameriprise Financial by 79,679.4% in the fourth quarter. Proficio Capital Partners LLC now owns 371,772 shares of the financial services provider's stock valued at $197,943,000 after buying an additional 371,306 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Ameriprise Financial by 19.8% in 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. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMP. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. 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. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Royal Bank of Canada boosted their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and an average target price of $517.13.

Ameriprise Financial Stock Down 2.8%

NYSE:AMP traded down $14.28 on Friday, hitting $501.27. 393,337 shares of the company's stock traded hands, compared to its average volume of 496,442. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The firm has a 50-day moving average price of $491.95 and a 200-day moving average price of $514.48. The company has a market cap of $47.73 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating the consensus estimate of $9.08 by $0.42. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The company had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter in the previous year, the business posted $8.39 EPS. The business's revenue for the quarter was up 3.6% on a year-over-year basis. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share repurchase plan 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 repurchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared 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 yield of 1.28%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date was Monday, May 5th. Ameriprise Financial's dividend payout ratio is 21.75%.

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.