MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Position in Ameriprise Financial, Inc. (NYSE:AMP)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,601 shares of the financial services provider’s stock after acquiring an additional 581 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Ameriprise Financial were worth $5,644,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AMP. TCTC Holdings LLC purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in Ameriprise Financial during the 4th quarter worth approximately $28,000. Whipplewood Advisors LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at approximately $28,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Ameriprise Financial during the 4th quarter valued at approximately $30,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Ameriprise Financial during the fourth quarter worth approximately $36,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Price Performance

AMP opened at $524.06 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The company’s 50-day moving average price is $479.32 and its 200 day moving average price is $520.26. Ameriprise Financial, Inc. has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The firm has a market cap of $49.90 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 EPS for the quarter, beating the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion during 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 revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $8.39 earnings per share. As a group, sell-side analysts expect 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 plan on Thursday, April 24th that allows the company to buyback $4.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be paid a dividend of $1.60 per share. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. This represents a $6.40 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Monday, May 5th. Ameriprise Financial’s dividend payout ratio is presently 21.75%.

Insiders Place Their Bets

In other news, insider Joseph Edward Sweeney sold 4,636 shares of Ameriprise Financial 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 sale, the insider now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.73% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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