Greatmark Investment Partners Inc. Buys 607 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Greatmark Investment Partners Inc. boosted its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,848 shares of the financial services provider’s stock after purchasing an additional 607 shares during the period. Ameriprise Financial comprises about 2.5% of Greatmark Investment Partners Inc.’s portfolio, making the stock its 14th largest holding. Greatmark Investment Partners Inc.’s holdings in Ameriprise Financial were worth $18,322,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial in the fourth quarter valued at $26,000. TCTC Holdings LLC bought a new position in Ameriprise Financial in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Ameriprise Financial in the fourth quarter valued at $31,000. Opal Wealth Advisors LLC bought a new position in Ameriprise Financial in the first quarter valued at $36,000. Finally, Quarry LP grew its position in Ameriprise Financial by 148.6% in the fourth quarter. Quarry LP now owns 87 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $536.17 on Friday. The stock has a market cap of $51.05 billion, a P/E ratio of 18.22, a P/E/G ratio of 1.16 and a beta of 1.23. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. The company has a fifty day moving average price of $516.21 and a two-hundred day moving average price of $511.37. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05.

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

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s dividend payout ratio (DPR) is currently 21.75%.

Ameriprise Financial announced that its board has initiated a share repurchase program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

AMP has been the subject of a number of analyst reports. Royal Bank Of Canada raised their target price on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an “outperform” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research report on Wednesday. Wall Street Zen upgraded shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Raymond James Financial upgraded shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target for the company in a research note on Monday, April 7th. Finally, Piper Sandler increased their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and an average price target of $526.43.

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.