Harfst & Associates Inc. Boosts Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

Harfst & Associates Inc. grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 0.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,872 shares of the financial services provider’s stock after purchasing an additional 26 shares during the period. Harfst & Associates Inc.’s holdings in Ameriprise Financial were worth $2,358,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock worth $1,023,461,000 after buying an additional 2,109,824 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Ameriprise Financial by 21.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider’s stock worth $2,819,900,000 after buying an additional 1,023,002 shares during the last quarter. Nuveen LLC acquired a new position in shares of Ameriprise Financial during the 1st quarter worth $469,334,000. Goldman Sachs Group Inc. raised its stake in shares of Ameriprise Financial by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider’s stock worth $578,852,000 after buying an additional 266,631 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Ameriprise Financial by 19.8% during the 4th quarter. Northern Trust Corp now owns 1,268,419 shares of the financial services provider’s stock worth $675,344,000 after buying an additional 209,549 shares during the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on AMP shares. Raymond James Financial lifted their price target on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 25th. Royal Bank Of Canada increased 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. Keefe, Bruyette & Woods upped their target price on shares of Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a report on Wednesday, July 9th. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a report on Thursday, July 3rd. Finally, William Blair lowered shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $534.71.

Ameriprise Financial Trading Down 1.7%

NYSE AMP opened at $508.43 on Thursday. Ameriprise Financial, Inc. has a 12 month low of $396.14 and a 12 month high of $582.05. The company has a 50-day moving average of $521.94 and a 200-day moving average of $508.46. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $47.93 billion, a P/E ratio of 15.82, a P/E/G ratio of 1.10 and a beta of 1.24.

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

Ameriprise Financial Dividend Announcement

The firm also recently announced 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 yield of 1.3%. The ex-dividend date of this dividend is Monday, August 4th. Ameriprise Financial’s dividend payout ratio is 19.91%.

Ameriprise Financial announced that its board has initiated a share buyback program on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

About Ameriprise Financial

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.