NorthCrest Asset Manangement LLC Has $3.17 Million Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

NorthCrest Asset Manangement LLC increased its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,557 shares of the financial services provider’s stock after acquiring an additional 232 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Ameriprise Financial were worth $3,174,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMP. SRS Capital Advisors Inc. raised its position in Ameriprise Financial by 40.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 20 shares during the period. HighPoint Advisor Group LLC raised its position in Ameriprise Financial by 0.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider’s stock worth $1,419,000 after purchasing an additional 20 shares during the period. Forum Financial Management LP raised its position in Ameriprise Financial by 1.4% in the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider’s stock worth $790,000 after purchasing an additional 21 shares during the period. Howard Capital Management Inc. raised its position in Ameriprise Financial by 3.4% in the 4th quarter. Howard Capital Management Inc. now owns 660 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 22 shares during the period. Finally, Horizon Investments LLC raised its position in Ameriprise Financial by 1.4% in the 4th quarter. Horizon Investments LLC now owns 1,602 shares of the financial services provider’s stock worth $851,000 after purchasing an additional 22 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a “market perform” rating in a report on Wednesday, May 7th. Raymond James raised shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target on the stock in a report on Monday, April 7th. Finally, Wall Street Zen raised shares of Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $517.13.

Ameriprise Financial Price Performance

Shares of Ameriprise Financial stock opened at $501.27 on Friday. The company’s fifty day simple moving average is $491.95 and its two-hundred day simple moving average is $514.88. The firm has a market cap of $47.73 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. Ameriprise Financial, Inc. has a 12-month low of $385.74 and a 12-month high of $582.05.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating analysts’ consensus estimates of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.39 EPS. As a group, equities analysts expect that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a dividend of $1.60 per share. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.28%. Ameriprise Financial’s payout ratio is presently 21.75%.

Ameriprise Financial announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is 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.