Pinnacle Wealth Management Advisory Group LLC Purchases 21 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Pinnacle Wealth Management Advisory Group LLC increased its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 3.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 712 shares of the financial services provider’s stock after acquiring an additional 21 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Ameriprise Financial were worth $345,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMP. Fielder Capital Group LLC increased its holdings in Ameriprise Financial by 4.0% in the 1st quarter. Fielder Capital Group LLC now owns 2,125 shares of the financial services provider’s stock worth $1,029,000 after purchasing an additional 82 shares in the last quarter. Maridea Wealth Management LLC acquired a new position in Ameriprise Financial in the 1st quarter worth about $229,000. Mackenzie Financial Corp increased its holdings in Ameriprise Financial by 8.0% in the 1st quarter. Mackenzie Financial Corp now owns 11,420 shares of the financial services provider’s stock worth $5,529,000 after purchasing an additional 850 shares in the last quarter. Prosperity Consulting Group LLC increased its holdings in Ameriprise Financial by 3.8% in the 1st quarter. Prosperity Consulting Group LLC now owns 2,166 shares of the financial services provider’s stock worth $1,049,000 after purchasing an additional 80 shares in the last quarter. Finally, Semus Wealth Partners LLC acquired a new position in Ameriprise Financial in the 1st quarter worth about $202,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

AMP has been the subject of a number of recent research reports. Royal Bank Of Canada upped their target price on Ameriprise Financial from $565.00 to $595.00 and gave the stock an “outperform” rating in a report on Thursday, July 10th. Piper Sandler upped their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a report on Thursday, July 3rd. William Blair cut Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $533.86.

Ameriprise Financial Stock Up 0.5%

Shares of Ameriprise Financial stock opened at $521.11 on Wednesday. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.60. The stock’s 50-day moving average is $522.22 and its 200 day moving average is $511.20. The firm has a market cap of $49.62 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 1.10 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.72 earnings per share. Equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.23%. Ameriprise Financial’s payout ratio is currently 19.91%.

Ameriprise Financial declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to repurchase $4.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Ameriprise Financial 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.