Moran Wealth Management LLC Reduces Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Moran Wealth Management LLC reduced its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 80,796 shares of the financial services provider’s stock after selling 621 shares during the quarter. Ameriprise Financial accounts for 1.3% of Moran Wealth Management LLC’s investment portfolio, making the stock its 7th biggest holding. Moran Wealth Management LLC’s holdings in Ameriprise Financial were worth $39,114,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in Ameriprise Financial by 24.3% during the fourth quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider’s stock worth $891,000 after acquiring an additional 327 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Ameriprise Financial during the fourth quarter worth $43,000. Exchange Traded Concepts LLC raised its position in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 806 shares in the last quarter. Fisher Asset Management LLC acquired a new position in shares of Ameriprise Financial in the fourth quarter valued at $214,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ameriprise Financial by 6.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AMP has been the topic of several research reports. Wall Street Zen upgraded shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Morgan Stanley upped their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Raymond James Financial upgraded shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price objective on the stock in a research note on Monday, April 7th. Royal Bank Of Canada increased their price objective on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $517.13.

Ameriprise Financial Trading Up 1.8%

NYSE AMP opened at $519.59 on Tuesday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. Ameriprise Financial, Inc. has a 12 month low of $385.74 and a 12 month high of $582.05. The business’s 50-day moving average price is $497.68 and its two-hundred day moving average price is $511.76. The firm has a market capitalization of $49.48 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.08 by $0.42. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $8.39 EPS. On average, analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

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

Ameriprise Financial announced that its board 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.