Northeast Financial Group Inc. Takes $368,000 Position in Ameriprise Financial, Inc. (NYSE:AMP)

Northeast Financial Group Inc. purchased a new stake in Ameriprise Financial, Inc. (NYSE:AMP) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 761 shares of the financial services provider’s stock, valued at approximately $368,000.

Other hedge funds have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new stake in Ameriprise Financial in the 4th quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the 1st quarter worth about $36,000. Quarry LP boosted its stake in Ameriprise Financial by 148.6% in the 4th quarter. Quarry LP now owns 87 shares of the financial services provider’s stock worth $46,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC boosted its stake in Ameriprise Financial by 100.0% in the 1st quarter. TCTC Holdings LLC now owns 98 shares of the financial services provider’s stock worth $47,000 after buying an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley lowered Ameriprise Financial from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods lifted their price objective 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. Royal Bank Of Canada lifted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. William Blair lowered Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $534.71.

Ameriprise Financial Price Performance

AMP stock opened at $504.51 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.95. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05. The stock’s 50 day moving average is $521.95 and its two-hundred day moving average is $509.18. The company has a market capitalization of $47.56 billion, a PE ratio of 15.70, a P/E/G ratio of 1.08 and a beta of 1.24.

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

Ameriprise Financial declared that its board has initiated a share buyback plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s payout ratio is currently 19.91%.

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.