Princeton Global Asset Management LLC Has $247,000 Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Princeton Global Asset Management LLC reduced its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 8.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 510 shares of the financial services provider’s stock after selling 50 shares during the period. Princeton Global Asset Management LLC’s holdings in Ameriprise Financial were worth $247,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in shares of Ameriprise Financial by 24.3% during the 4th quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider’s stock worth $891,000 after purchasing an additional 327 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Ameriprise Financial during the 4th quarter worth $43,000. Van ECK Associates Corp lifted its position in shares of Ameriprise Financial by 35.6% during the 4th quarter. Van ECK Associates Corp now owns 22,539 shares of the financial services provider’s stock worth $12,000,000 after buying an additional 5,919 shares during the last quarter. Fisher Asset Management LLC bought a new stake in shares of Ameriprise Financial during the 4th quarter worth $214,000. Finally, Certuity LLC lifted its position in shares of Ameriprise Financial by 58.1% during the 4th quarter. Certuity LLC now owns 2,875 shares of the financial services provider’s stock worth $1,531,000 after buying an additional 1,056 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMP has been the subject of several recent analyst reports. Royal Bank of Canada upped their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley upped their price objective on Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research 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 for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods upped 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. Finally, Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $517.13.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $518.95 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $49.42 billion, a PE ratio of 15.70, a P/E/G ratio of 1.15 and a beta of 1.24. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The stock has a 50-day moving average price of $485.10 and a two-hundred day moving average price of $516.52.

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 firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate 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 period last year, the company earned $8.39 earnings per share. Analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $1.60 dividend. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.23%. Ameriprise Financial’s dividend payout ratio is presently 21.75%.

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

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.