Avanza Fonder AB Sells 38 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Avanza Fonder AB cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 0.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,300 shares of the financial services provider’s stock after selling 38 shares during the period. Avanza Fonder AB’s holdings in Ameriprise Financial were worth $3,609,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AMP. Jones Financial Companies Lllp increased its position in Ameriprise Financial by 24.3% in the 4th quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider’s stock valued at $891,000 after buying an additional 327 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Ameriprise Financial during the fourth quarter worth $43,000. Van ECK Associates Corp increased its holdings in shares of Ameriprise Financial by 35.6% in the fourth quarter. Van ECK Associates Corp now owns 22,539 shares of the financial services provider’s stock worth $12,000,000 after purchasing an additional 5,919 shares during the period. Fisher Asset Management LLC bought a new position in shares of Ameriprise Financial in the fourth quarter worth $214,000. Finally, Certuity LLC increased its holdings in shares of Ameriprise Financial by 58.1% in the fourth quarter. Certuity LLC now owns 2,875 shares of the financial services provider’s stock worth $1,531,000 after purchasing an additional 1,056 shares during the period. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of AMP opened at $516.56 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a market capitalization of $49.19 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The firm has a 50 day moving average of $486.79 and a 200 day moving average of $515.76.

Ameriprise Financial (NYSE:AMP) last posted its earnings results 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. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.45 billion. During the same quarter in the previous year, the firm posted $8.39 EPS. The firm’s revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current fiscal year.

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

Ameriprise Financial Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 1.24%. 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%.

Analyst Ratings Changes

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

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.