Spire Wealth Management Has $692,000 Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Spire Wealth Management boosted its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 91.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,429 shares of the financial services provider's stock after purchasing an additional 683 shares during the period. Spire Wealth Management's holdings in Ameriprise Financial were worth $692,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in Ameriprise Financial by 12.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock valued at $2,556,683,000 after acquiring an additional 516,437 shares during the period. Geode Capital Management LLC raised its holdings in Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock valued at $1,407,607,000 after acquiring an additional 38,141 shares during the period. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 49,248.9% in 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 acquiring an additional 2,109,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Ameriprise Financial by 1.7% in the 4th 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 valued at $770,886,000 after acquiring an additional 23,655 shares during the period. Finally, Norges Bank bought a new position in Ameriprise Financial in the 4th quarter valued at about $689,272,000. 83.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on AMP. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Raymond James Financial raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a report on Monday, April 7th. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, Morgan Stanley raised their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $519.00.

Ameriprise Financial Price Performance

NYSE:AMP traded up $3.02 during mid-day trading on Friday, reaching $528.50. The stock had a trading volume of 654,277 shares, compared to its average volume of 495,995. The stock has a 50-day simple moving average of $502.29 and a two-hundred day simple moving average of $511.32. The stock has a market capitalization of $50.32 billion, a PE ratio of 17.96, a P/E/G ratio of 1.97 and a beta of 1.24. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. The business had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $8.39 earnings per share. On average, equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.21%. 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 (DPR) is 21.75%.

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

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.