Royal Bank of Canada Has $354.87 Million Stock Position in Ameriprise Financial, Inc. $AMP

Key Points

• The Royal Bank of Canada has increased its stake in Ameriprise Financial by 1.1%, holding 733,036 shares worth approximately $354.87 million.
• Ameriprise Financial reported $9.11 EPS for the quarter, surpassing expectations of $9.00, with a revenue of $4.49 billion.
• The company recently declared a quarterly dividend of $1.60 per share, resulting in an annualized dividend of $6.40 and a yield of 1.2%.

Royal Bank of Canada lifted its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 1.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 733,036 shares of the financial services provider's stock after buying an additional 7,840 shares during the period. Royal Bank of Canada owned about 0.77% of Ameriprise Financial worth $354,870,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AMP. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 2,109,824 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 21.3% during the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider's stock worth $2,819,900,000 after acquiring an additional 1,023,002 shares in the last quarter. Nuveen LLC bought a new stake in Ameriprise Financial during the first quarter worth about $469,334,000. Goldman Sachs Group Inc. increased its stake in shares of Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider's stock worth $578,852,000 after purchasing an additional 266,631 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Ameriprise Financial during the 4th quarter worth about $100,138,000. Institutional investors own 83.95% of the company's stock.

Insider Activity

In other news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total transaction of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

Shares of NYSE:AMP traded up $5.11 on Thursday, reaching $512.31. 454,066 shares of the company's stock were exchanged, compared to its average volume of 499,159. The company has a fifty day moving average of $521.00 and a 200-day moving average of $504.80. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The company has a market capitalization of $48.30 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.10 and a beta of 1.27. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95.

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

Ameriprise Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Wall Street Analysts Forecast Growth

AMP has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Raymond James Financial upped their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and an average target price 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.