Ameriprise Financial, Inc. $AMP Stake Raised by Ritholtz Wealth Management

Ritholtz Wealth Management raised its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 54.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,762 shares of the financial services provider’s stock after buying an additional 1,328 shares during the quarter. Ritholtz Wealth Management’s holdings in Ameriprise Financial were worth $1,852,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Twin Lakes Capital Management LLC purchased a new position in Ameriprise Financial in the second quarter worth about $25,000. Balance Wealth Partners LLC purchased a new stake in shares of Ameriprise Financial during the third quarter valued at approximately $27,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the second quarter valued at approximately $28,000. City State Bank increased its position in shares of Ameriprise Financial by 264.7% during the third quarter. City State Bank now owns 62 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 45 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the first quarter valued at approximately $28,000. 83.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AMP shares. The Goldman Sachs Group decreased their price objective on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Jefferies Financial Group cut their target price on Ameriprise Financial from $645.00 to $638.00 in a research note on Monday, October 12th. Argus lifted their target price on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Finally, Bank of America downgraded Ameriprise Financial from a “buy” rating to an “underperform” rating and lowered their price target for the company from $570.00 to $445.00 in a report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $557.00.

Ameriprise Financial Stock Performance

Shares of NYSE AMP traded up $6.02 during trading on Friday, reaching $519.50. 448,008 shares of the company traded hands, compared to its average volume of 610,517. The firm has a 50 day simple moving average of $511.05 and a 200-day simple moving average of $493.59. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $45.10 billion, a PE ratio of 11.69, a P/E/G ratio of 1.09 and a beta of 1.13. Ameriprise Financial, Inc. has a 52-week low of $422.37 and a 52-week high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, October 29th. The financial services provider reported $11.26 earnings per share for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.10 billion. During the same period in the previous year, the firm earned $9.92 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 46.43 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be issued a $1.70 dividend. The ex-dividend date is Monday, November 9th. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 15.30%.

Ameriprise Financial announced that its board has approved a share repurchase program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Share repurchase programs are often an indication that the company’s leadership believes its stock is undervalued.

Ameriprise Financial Company Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products. The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis. Ameriprise serves clients primarily in the United States through its network of financial advisors.