ProShare Advisors LLC Grows Stock Holdings in Ameriprise Financial, Inc. (NYSE:AMP)

ProShare Advisors LLC raised its position in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 9.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,573 shares of the financial services provider’s stock after buying an additional 2,292 shares during the quarter. ProShare Advisors LLC’s holdings in Ameriprise Financial were worth $7,838,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fairfield Bush & CO. purchased a new position in shares of Ameriprise Financial in the 1st quarter valued at approximately $53,000. Synovus Financial Corp raised its position in shares of Ameriprise Financial by 2.9% in the 1st quarter. Synovus Financial Corp now owns 1,961 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 56 shares during the last quarter. Aviva PLC raised its position in shares of Ameriprise Financial by 23.7% in the 1st quarter. Aviva PLC now owns 45,024 shares of the financial services provider’s stock valued at $13,523,000 after purchasing an additional 8,625 shares during the last quarter. Prudential PLC purchased a new position in Ameriprise Financial during the 1st quarter worth approximately $724,000. Finally, Cetera Investment Advisers raised its position in Ameriprise Financial by 62.5% during the 1st quarter. Cetera Investment Advisers now owns 2,900 shares of the financial services provider’s stock worth $871,000 after buying an additional 1,115 shares during the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $347.12 on Monday. The stock has a market capitalization of $35.62 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 0.66 and a beta of 1.48. Ameriprise Financial, Inc. has a 12 month low of $249.35 and a 12 month high of $358.02. The firm’s 50 day simple moving average is $343.08 and its 200-day simple moving average is $320.74. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.59 and a quick ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $7.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.29 by $0.15. Ameriprise Financial had a net margin of 15.94% and a return on equity of 82.23%. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter last year, the company earned $5.81 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts expect that Ameriprise Financial, Inc. will post 29.94 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 4th. This represents a $5.40 dividend on an annualized basis and a yield of 1.56%. This is a boost from Ameriprise Financial’s previous quarterly dividend of $0.10. Ameriprise Financial’s dividend payout ratio (DPR) is currently 25.36%.

Ameriprise Financial declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that permits the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Royal Bank of Canada raised their price target on shares of Ameriprise Financial from $385.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. StockNews.com assumed coverage on shares of Ameriprise Financial in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Morgan Stanley raised their price target on shares of Ameriprise Financial from $350.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial presently has an average rating of “Hold” and an average target price of $361.00.

Insider Activity at Ameriprise Financial

In related news, CFO Walter Stanley Berman sold 13,042 shares of Ameriprise Financial stock in a transaction on Friday, August 4th. The shares were sold at an average price of $351.55, for a total value of $4,584,915.10. Following the sale, the chief financial officer now owns 8,048 shares of the company’s stock, valued at approximately $2,829,274.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ameriprise Financial news, CEO James M. Cracchiolo sold 9,616 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $354.00, for a total value of $3,404,064.00. Following the transaction, the chief executive officer now owns 157,103 shares in the company, valued at approximately $55,614,462. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Stanley Berman sold 13,042 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $351.55, for a total value of $4,584,915.10. Following the completion of the transaction, the chief financial officer now owns 8,048 shares in the company, valued at approximately $2,829,274.40. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

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.