Y Intercept Hong Kong Ltd Sells 2,215 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Key Points

• Y Intercept Hong Kong Ltd reduced its holdings in Ameriprise Financial by 64.0% in the first quarter, selling 2,215 shares and owning 1,245 shares valued at $603,000 at the quarter's end.
• Other institutional investors increased their stakes, with Spire Wealth Management raising its position by 91.6% and Exchange Traded Concepts LLC lifting its stake by 488.5%.
• Ameriprise Financial announced a $4.50 billion stock buyback plan, indicating that its board believes its shares are undervalued.

Y Intercept Hong Kong Ltd reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 64.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,245 shares of the financial services provider's stock after selling 2,215 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Ameriprise Financial were worth $603,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at about $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Ameriprise Financial during the first quarter valued at about $36,000. Quarry LP raised 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 valued at $46,000 after purchasing an additional 52 shares in the last quarter. Finally, Sound Income Strategies LLC grew its holdings in Ameriprise Financial by 68.7% during the first quarter. Sound Income Strategies LLC now owns 113 shares of the financial services provider's stock worth $55,000 after acquiring an additional 46 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMP has been the topic of a number of research analyst reports. Raymond James Financial lifted their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a "strong-buy" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a report on Friday, May 30th. William Blair lowered Ameriprise Financial from an "outperform" rating to a "market perform" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada lifted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the stock an "outperform" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $534.71.

Ameriprise Financial Stock Down 0.2%

NYSE:AMP traded down $1.25 on Wednesday, hitting $519.74. 483,509 shares of the company's stock traded hands, compared to its average volume of 413,803. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 1 year low of $385.74 and a 1 year high of $582.05. The firm has a 50-day moving average price of $522.37 and a 200-day moving average price of $511.26. The company has a market cap of $49.49 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the previous year, the business posted $8.72 EPS. The business's revenue for the quarter was up 2.2% on a year-over-year basis. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a dividend of $1.60 per share. The ex-dividend date is Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.23%. Ameriprise Financial's dividend payout ratio (DPR) is presently 19.91%.

Ameriprise Financial announced that its Board of Directors has approved a stock buyback plan on Thursday, April 24th that permits the company to repurchase $4.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board 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.