Park Avenue Securities LLC Purchases 232 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Park Avenue Securities LLC lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 22,023 shares of the financial services provider’s stock after buying an additional 232 shares during the quarter. Park Avenue Securities LLC’s holdings in Ameriprise Financial were worth $10,661,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial in the fourth quarter worth about $26,000. TCTC Holdings LLC purchased a new position in Ameriprise Financial in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Ameriprise Financial in the fourth quarter worth about $28,000. Whipplewood Advisors LLC purchased a new position in Ameriprise Financial in the fourth quarter worth about $28,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in Ameriprise Financial in the fourth quarter worth about $30,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

NYSE:AMP opened at $518.95 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market cap of $49.42 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The company has a 50 day moving average price of $485.10 and a 200-day moving average price of $516.52. Ameriprise Financial, Inc. has a 1-year low of $385.74 and a 1-year high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its quarterly 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 company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.39 EPS. Equities research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were given a dividend of $1.60 per share. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date was 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%.

Ameriprise Financial declared that its board has approved a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AMP shares. Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. 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 report on Monday, April 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Finally, Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average 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.