Rafferty Asset Management LLC Has $18.22 Million Position in Ameriprise Financial, Inc. (NYSE:AMP)

Rafferty Asset Management LLC boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,224 shares of the financial services provider's stock after purchasing an additional 936 shares during the period. Rafferty Asset Management LLC's holdings in Ameriprise Financial were worth $18,222,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. TCTC Holdings LLC bought a new position in Ameriprise Financial in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Ameriprise Financial in the fourth quarter valued at $28,000. Whipplewood Advisors LLC bought a new position in shares of Ameriprise Financial in the 4th quarter valued at about $28,000. Wingate Wealth Advisors Inc. bought a new position in shares of Ameriprise Financial in the 4th quarter valued at about $30,000. Finally, Sound Income Strategies LLC bought a new position in shares of Ameriprise Financial in the 4th quarter valued at about $36,000. Institutional investors own 83.95% of the company's stock.

Insider Buying and Selling

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of Ameriprise Financial stock in a transaction dated 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 sale, the insider now 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Stock Performance

Shares of AMP stock traded down $2.21 during midday trading on Monday, hitting $521.90. 337,979 shares of the company were exchanged, compared to its average volume of 491,003. The firm has a market capitalization of $49.70 billion, a P/E ratio of 15.79, a PEG ratio of 1.15 and a beta of 1.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. The firm's 50 day moving average price is $479.32 and its two-hundred day moving average price is $520.26. Ameriprise Financial, Inc. has a 52 week low of $385.74 and a 52 week high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, topping the consensus estimate of $9.08 by $0.42. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Ameriprise Financial's revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.39 EPS. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that allows the company to repurchase $4.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be issued a dividend of $1.60 per share. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date is Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.23%. Ameriprise Financial's payout ratio is presently 21.75%.

Wall Street Analyst Weigh In

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

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.