Ameriprise Financial, Inc. (NYSE:AMP) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC grew its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 27.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 16,229 shares of the financial services provider’s stock after purchasing an additional 3,513 shares during the period. Lazard Asset Management LLC’s holdings in Ameriprise Financial were worth $8,640,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. TCTC Holdings LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $26,000. Whipplewood Advisors LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $28,000. Rialto Wealth Management LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $28,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $30,000. Finally, Sound Income Strategies LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Up 0.3%

Shares of Ameriprise Financial stock opened at $521.49 on Thursday. The company has a market cap of $49.66 billion, a P/E ratio of 15.77, a PEG ratio of 1.15 and a beta of 1.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The firm has a fifty day moving average of $477.62 and a two-hundred day moving average of $520.06.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $9.50 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 the consensus estimate of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. Ameriprise Financial’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.39 EPS. On average, analysts forecast that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has authorized a stock buyback plan on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is 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 $1.60 dividend. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.23%. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Insider Activity at Ameriprise Financial

In related news, insider Joseph Edward Sweeney sold 4,636 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares in the company, valued at $3,901,249.59. This trade represents a 39.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AMP shares. Morgan Stanley upped their target price 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. Raymond James 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. Royal Bank of Canada increased their price target 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. 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 note on Friday, January 31st. Finally, Keefe, Bruyette & Woods increased their price target 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 analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and an average price target of $517.13.

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.