WBI Investments LLC Invests $792,000 in Ameriprise Financial, Inc. (NYSE:AMP)

WBI Investments LLC acquired a new position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,488 shares of the financial services provider's stock, valued at approximately $792,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after purchasing an additional 516,437 shares during the period. Geode Capital Management LLC raised its position in shares of Ameriprise Financial by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock worth $1,407,607,000 after purchasing an additional 38,141 shares during the period. Norges Bank acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth $689,272,000. Northern Trust Corp raised its position in shares of Ameriprise Financial by 19.8% during the fourth quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider's stock worth $675,344,000 after purchasing an additional 209,549 shares during the period. Finally, Amundi raised its position in shares of Ameriprise Financial by 48.0% during the fourth quarter. Amundi now owns 642,226 shares of the financial services provider's stock worth $343,546,000 after purchasing an additional 208,195 shares during the period. Institutional investors own 83.95% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Raymond James raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 target price on the stock in a research report on Monday, April 7th. Piper Sandler upped their price target on Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Morgan Stanley upped their price target on Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada upped their price target on Ameriprise Financial from $550.00 to $565.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $517.13.

Insiders Place Their Bets

In other news, insider Joseph Edward Sweeney sold 4,636 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares in the company, valued at approximately $3,901,249.59. This represents a 39.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.73% of the company's stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $521.90 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The stock's 50-day moving average is $480.14 and its two-hundred day moving average is $520.36. The firm has a market cap of $49.70 billion, a P/E ratio of 15.79, a PEG ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued 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. 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 analyst estimates of $4.45 billion. During the same period in the prior year, the firm posted $8.39 EPS. The business's revenue was up 3.6% compared to the same quarter last year. Analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were given a $1.60 dividend. This is a positive change from Ameriprise Financial's previous quarterly dividend of $1.48. This represents a $6.40 annualized dividend and a yield of 1.23%. The ex-dividend date was Monday, May 5th. Ameriprise Financial's dividend payout ratio is presently 21.75%.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

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.

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