Ameriprise Financial, Inc. $AMP Stock: Welch & Forbes LLC Decreases Position

Welch & Forbes LLC cut its holdings in Ameriprise Financial, Inc. (NYSE:AMP) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,241 shares of the financial services provider’s stock after selling 1,891 shares during the quarter. Welch & Forbes LLC owned 0.19% of Ameriprise Financial worth $83,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Cantor Fitzgerald Investment Advisors L.P. purchased a new position in Ameriprise Financial in the third quarter valued at about $196,770,000. Neville Rodie & Shaw Inc. boosted its stake in shares of Ameriprise Financial by 4,524.8% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock worth $16,076,000 after acquiring an additional 31,945 shares in the last quarter. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $4,162,000. Ballew Advisors Inc purchased a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $4,112,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 2nd quarter worth approximately $1,704,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

Shares of AMP opened at $518.81 on Tuesday. Ameriprise Financial, Inc. has a 12-month low of $422.37 and a 12-month high of $572.56. The stock has a market cap of $45.04 billion, a P/E ratio of 11.67, a PEG ratio of 1.12 and a beta of 1.13. 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 company has a 50-day moving average of $513.81 and a two-hundred day moving average of $493.23.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, October 29th. The financial services provider reported $11.26 EPS for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a net margin of 20.99% and a return on equity of 69.94%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the company earned $9.92 earnings per share. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts predict that Ameriprise Financial, Inc. will post 46.24 EPS for the current fiscal year.

Ameriprise Financial declared that its board has authorized a share buyback program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 9th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, November 9th. Ameriprise Financial’s dividend payout ratio is 15.30%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Evercore dropped their price objective on Ameriprise Financial from $625.00 to $623.00 in a research note on Friday, July 24th. Zacks Research cut Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Bank of America downgraded Ameriprise Financial from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $570.00 to $445.00 in a research report on Monday, October 19th. Piper Sandler upped their target price on Ameriprise Financial from $518.00 to $561.00 in a report on Thursday, July 23rd. Finally, The Goldman Sachs Group dropped their price target on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $557.00.

About Ameriprise Financial

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.