Van ECK Associates Corp lessened its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP – Free Report) by 0.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,319 shares of the financial services provider’s stock after selling 66 shares during the period. Van ECK Associates Corp’s holdings in Ameriprise Financial were worth $5,308,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in AMP. AGF Management Ltd. raised its position in shares of Ameriprise Financial by 4.0% during the 1st quarter. AGF Management Ltd. now owns 381,988 shares of the financial services provider’s stock valued at $117,079,000 after buying an additional 14,787 shares in the last quarter. OLD Second National Bank of Aurora bought a new position in Ameriprise Financial during the first quarter valued at $75,000. Integrated Wealth Concepts LLC raised its stake in shares of Ameriprise Financial by 140.3% in the first quarter. Integrated Wealth Concepts LLC now owns 4,482 shares of the financial services provider’s stock valued at $1,374,000 after acquiring an additional 2,617 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Ameriprise Financial by 100.2% in the 1st quarter. Quantinno Capital Management LP now owns 1,908 shares of the financial services provider’s stock worth $585,000 after acquiring an additional 955 shares during the last quarter. Finally, Aaron Wealth Advisors LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter worth about $203,000. Institutional investors own 82.61% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. Morgan Stanley decreased their price objective on shares of Ameriprise Financial from $360.00 to $338.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 12th. Royal Bank of Canada dropped their price objective on Ameriprise Financial from $400.00 to $385.00 in a report on Thursday, April 27th. Finally, StockNews.com upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $353.00.
Ameriprise Financial Price Performance
Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its earnings results on Thursday, July 27th. The financial services provider reported $7.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.29 by $0.15. Ameriprise Financial had a return on equity of 82.23% and a net margin of 15.94%. The business had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter last year, the firm earned $5.81 EPS. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Sell-side analysts forecast that Ameriprise Financial, Inc. will post 29.75 EPS for the current fiscal year.
Ameriprise Financial Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, August 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $0.10. Ameriprise Financial’s payout ratio is 25.36%.
Ameriprise Financial declared that its board has initiated a stock buyback plan on Wednesday, July 26th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Ameriprise Financial 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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