MJP Associates Inc. ADV Acquires Shares of 868 Ameriprise Financial, Inc. (NYSE:AMP)

MJP Associates Inc. ADV purchased a new position in Ameriprise Financial, Inc. (NYSE:AMP) during the 4th quarter, HoldingsChannel reports. The fund purchased 868 shares of the financial services provider’s stock, valued at approximately $462,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMP. Cerro Pacific Wealth Advisors LLC increased its position in Ameriprise Financial by 3.4% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 576 shares of the financial services provider’s stock worth $307,000 after purchasing an additional 19 shares during the period. SRS Capital Advisors Inc. increased its position in Ameriprise Financial by 40.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 20 shares during the period. HighPoint Advisor Group LLC increased its position in Ameriprise Financial by 0.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider’s stock worth $1,419,000 after purchasing an additional 20 shares during the period. Dakota Wealth Management increased its position in Ameriprise Financial by 2.7% in the fourth quarter. Dakota Wealth Management now owns 798 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 21 shares during the period. Finally, Abel Hall LLC increased its position in Ameriprise Financial by 4.2% in the fourth quarter. Abel Hall LLC now owns 517 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 21 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 0.6%

Shares of Ameriprise Financial stock opened at $492.09 on Monday. The business’s 50 day simple moving average is $476.70 and its 200 day simple moving average is $519.97. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The firm has a market cap of $46.86 billion, a PE ratio of 14.88, a P/E/G 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.

Ameriprise Financial (NYSE:AMP) last posted its quarterly 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. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.39 EPS. On average, analysts predict that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial declared that its Board of Directors has approved 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 purchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The business also recently declared 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 is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.30%. Ameriprise Financial’s payout ratio is 21.75%.

Insiders Place Their Bets

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 stock was sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the transaction, the insider now directly owns 7,237 shares of the company’s stock, valued at approximately $3,901,249.59. The trade was a 39.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total value of $523,120.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $5,231,200. The trade was a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

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

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.