Virtu Financial LLC Invests $1.52 Million in Ameriprise Financial, Inc. (NYSE:AMP)

Virtu Financial LLC bought a new position in shares of Ameriprise Financial, Inc. (NYSE:AMP) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,130 shares of the financial services provider’s stock, valued at approximately $1,515,000.

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

Analysts Set New Price Targets

Several research firms recently issued reports on AMP. Piper Sandler boosted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research note on Thursday, July 3rd. William Blair downgraded Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods boosted 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. Morgan Stanley downgraded Ameriprise Financial from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $462.00 to $530.00 in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada boosted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $534.71.

Ameriprise Financial Stock Up 1.2%

Shares of NYSE:AMP opened at $504.51 on Monday. The business’s 50 day simple moving average is $521.95 and its two-hundred day simple moving average is $508.80. The firm has a market cap of $47.56 billion, a P/E ratio of 15.70, a PEG ratio of 1.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. Ameriprise Financial, Inc. has a 52-week low of $396.14 and a 52-week high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the business posted $8.72 earnings per share. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 38.64 EPS for the current fiscal year.

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

Ameriprise Financial Announces Dividend

The firm also recently declared 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. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, August 4th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 19.91%.

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.