Rhumbline Advisers Increases Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Rhumbline Advisers grew its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 214,360 shares of the financial services provider's stock after buying an additional 3,476 shares during the quarter. Rhumbline Advisers owned approximately 0.23% of Ameriprise Financial worth $103,774,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in Ameriprise Financial by 9.1% in the third quarter. JPMorgan Chase & Co. now owns 4,285,476 shares of the financial services provider's stock worth $2,013,359,000 after purchasing an additional 358,699 shares during the period. Brighton Jones LLC increased its position in Ameriprise Financial by 6.9% in the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after purchasing an additional 50 shares during the period. Strategic Blueprint LLC acquired a new stake in Ameriprise Financial in the fourth quarter worth about $228,000. OLD National Bancorp IN acquired a new stake in Ameriprise Financial in the fourth quarter worth about $250,000. Finally, Chicago Partners Investment Group LLC increased its position in Ameriprise Financial by 21.1% in the fourth quarter. Chicago Partners Investment Group LLC now owns 510 shares of the financial services provider's stock worth $273,000 after purchasing an additional 89 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMP has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Raymond James 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 report on Monday, April 7th. Morgan Stanley upped their price target on Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 4th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Royal Bank of Canada upped their price target on 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 issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $517.13.

Ameriprise Financial Stock Performance

AMP traded up $0.23 during trading hours on Thursday, reaching $507.75. The company's stock had a trading volume of 531,287 shares, compared to its average volume of 494,425. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $48.35 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The company's 50-day moving average is $484.49 and its 200-day moving average is $517.13. 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 for the quarter, topping the consensus estimate of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The company's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $8.39 EPS. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its board has authorized a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is 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 issued a dividend of $1.60 per share. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend 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.