NorthRock Partners LLC Acquires 5,643 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

NorthRock Partners LLC grew its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 28.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 25,758 shares of the financial services provider's stock after acquiring an additional 5,643 shares during the period. NorthRock Partners LLC's holdings in Ameriprise Financial were worth $13,714,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in Ameriprise Financial by 9.1% during 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 buying an additional 358,699 shares during the last quarter. Czech National Bank increased its stake in Ameriprise Financial by 5.2% in the fourth quarter. Czech National Bank now owns 21,035 shares of the financial services provider's stock valued at $11,200,000 after purchasing an additional 1,033 shares in the last quarter. Capital Investment Advisors LLC bought a new stake in Ameriprise Financial in the fourth quarter valued at $219,000. Wedmont Private Capital increased its stake in Ameriprise Financial by 1.3% in the fourth quarter. Wedmont Private Capital now owns 3,492 shares of the financial services provider's stock valued at $1,800,000 after purchasing an additional 46 shares in the last quarter. Finally, Miracle Mile Advisors LLC increased its stake in Ameriprise Financial by 43.7% in the fourth quarter. Miracle Mile Advisors LLC now owns 1,065 shares of the financial services provider's stock valued at $567,000 after purchasing an additional 324 shares in the last quarter. Institutional investors own 83.95% of the company's stock.

Wall Street Analyst Weigh In

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

Ameriprise Financial Price Performance

Shares of AMP stock traded up $4.51 on Friday, reaching $524.06. The company's stock had a trading volume of 338,216 shares, compared to its average volume of 493,378. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05. The company has a market capitalization of $49.90 billion, a P/E ratio of 15.85, a PEG ratio of 1.15 and a beta of 1.28. The stock's 50 day simple moving average is $479.32 and its 200-day simple moving average is $520.15.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $4.45 billion. During the same quarter last year, the business posted $8.39 earnings per share. The firm's revenue was up 3.6% compared to the same quarter last year. As a group, equities 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 disclosed a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 5th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.22%. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial's payout ratio is presently 21.75%.

Ameriprise Financial announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the transaction, the insider now directly owns 7,237 shares in the company, valued at $3,901,249.59. The trade was a 39.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.73% of the company's stock.

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.