Gateway Advisory LLC boosted its position in Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 103.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,047 shares of the financial services provider’s stock after purchasing an additional 1,043 shares during the quarter. Gateway Advisory LLC’s holdings in Ameriprise Financial were worth $680,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC increased its holdings in shares of Ameriprise Financial by 106,308.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,587,613 shares of the financial services provider’s stock valued at $494,335,000 after purchasing an additional 1,586,121 shares during the period. Norges Bank bought a new stake in shares of Ameriprise Financial during the 4th quarter worth about $389,527,000. Envestnet Asset Management Inc. boosted its holdings in shares of Ameriprise Financial by 298.4% in the first quarter. Envestnet Asset Management Inc. now owns 1,492,217 shares of the financial services provider’s stock valued at $164,644,000 after acquiring an additional 1,117,684 shares in the last quarter. Truist Financial Corp increased its stake in shares of Ameriprise Financial by 617.7% during the first quarter. Truist Financial Corp now owns 583,486 shares of the financial services provider’s stock valued at $178,839,000 after acquiring an additional 502,185 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich raised its holdings in Ameriprise Financial by 41,839.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 433,657 shares of the financial services provider’s stock worth $144,043,000 after purchasing an additional 432,623 shares in the last quarter. 82.62% of the stock is currently owned by institutional investors.
Ameriprise Financial Trading Up 1.1 %
Shares of Ameriprise Financial stock traded up $3.63 on Friday, reaching $347.83. 414,884 shares of the company were exchanged, compared to its average volume of 533,917. Ameriprise Financial, Inc. has a fifty-two week low of $275.09 and a fifty-two week high of $358.02. The firm has a market capitalization of $35.20 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.51. The stock has a fifty day moving average price of $330.19 and a 200-day moving average price of $327.83.
Ameriprise Financial announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Ameriprise Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were given a $1.35 dividend. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $5.40 annualized dividend and a dividend yield of 1.55%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 21.98%.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on the company. StockNews.com raised Ameriprise Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Morgan Stanley lifted their target price on Ameriprise Financial from $360.00 to $365.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $410.00 price target on shares of Ameriprise Financial in a report on Tuesday, October 31st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of “Moderate Buy” and a consensus price target of $377.57.
Ameriprise Financial Company Profile
Ameriprise Financial, Inc, through 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.
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