Pettee Investors Inc. Reduces Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Pettee Investors Inc. lowered its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 32.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,450 shares of the financial services provider's stock after selling 700 shares during the quarter. Pettee Investors Inc.'s holdings in Ameriprise Financial were worth $702,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Ameriprise Financial during the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Ameriprise Financial during the first quarter worth $36,000. Quarry LP grew its stake in shares of Ameriprise Financial by 148.6% during the fourth quarter. Quarry LP now owns 87 shares of the financial services provider's stock worth $46,000 after purchasing an additional 52 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Ameriprise Financial during the fourth quarter worth $47,000. Hedge funds and other institutional investors own 83.95% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their target price 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. Raymond James Financial upgraded shares of 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. Royal Bank Of Canada upped their price objective on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Piper Sandler upped their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. Finally, Morgan Stanley downgraded shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $462.00 to $530.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $524.71.

Ameriprise Financial Stock Performance

Shares of AMP traded up $4.64 during mid-day trading on Friday, hitting $544.46. 406,234 shares of the company's stock were exchanged, compared to its average volume of 492,316. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The firm has a market capitalization of $51.84 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.12 and a beta of 1.23. The business's 50 day moving average is $520.25 and its two-hundred day moving average is $511.42. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping the consensus estimate of $9.08 by $0.42. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.39 earnings per share. On average, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a dividend of $1.60 per share. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio is currently 21.75%.

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

Ameriprise Financial 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.