Beutel Goodman & Co Ltd. trimmed its holdings in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 4.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 532,541 shares of the financial services provider’s stock after selling 23,451 shares during the period. Ameriprise Financial comprises about 2.1% of Beutel Goodman & Co Ltd.’s holdings, making the stock its 17th largest position. Beutel Goodman & Co Ltd.’s holdings in Ameriprise Financial were worth $262,196,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Twin Lakes Capital Management LLC acquired a new position in shares of Ameriprise Financial during the second quarter valued at about $25,000. Balance Wealth Partners LLC bought a new stake in shares of Ameriprise Financial during the third quarter worth about $27,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Ameriprise Financial during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $28,000. Finally, Fiduciary Financial Advisors acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth about $30,000. 83.95% of the stock is owned by institutional investors.
Ameriprise Financial Price Performance
Shares of NYSE:AMP opened at $518.81 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.71 and a debt-to-equity ratio of 1.13. The stock’s fifty day simple moving average is $513.81 and its two-hundred day simple moving average is $493.23. Ameriprise Financial, Inc. has a 1-year low of $422.37 and a 1-year high of $572.56. The stock has a market cap of $45.04 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 1.12 and a beta of 1.13.
Ameriprise Financial (NYSE:AMP – Get Free Report) last posted its earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter in the previous year, the company earned $9.92 EPS. The business’s revenue was up 6.8% compared to the same quarter last year. As a group, analysts forecast that Ameriprise Financial, Inc. will post 46.24 EPS for the current fiscal year.
Ameriprise Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Share repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Ameriprise Financial Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 9th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, November 9th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 15.30%.
Analysts Set New Price Targets
Several equities analysts recently weighed in on AMP shares. BMO Capital Markets dropped their price target on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 6th. Morgan Stanley cut their price target on Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research note on Friday, October 9th. Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Raymond James Financial increased their price objective on Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 21st. Finally, Argus increased their price objective on Ameriprise Financial from $534.00 to $590.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $557.00.
Check Out Our Latest Analysis on Ameriprise Financial
Ameriprise Financial Profile
Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products.
The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis.
Ameriprise serves clients primarily in the United States through its network of financial advisors.
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