Spire Wealth Management Boosts Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Spire Wealth Management increased its holdings in shares of Ameriprise Financial, Inc. (NYSE:AMP) by 91.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,429 shares of the financial services provider’s stock after buying an additional 683 shares during the period. Spire Wealth Management’s holdings in Ameriprise Financial were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. TCTC Holdings LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $26,000. Whipplewood Advisors LLC acquired a new stake in shares of Ameriprise Financial in the fourth quarter valued at about $28,000. Rialto Wealth Management LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $28,000. Finally, Sunbeam Capital Management LLC acquired a new position in Ameriprise Financial during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Analyst Ratings Changes

AMP has been the topic of a number of research reports. Raymond James Financial raised shares of Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 target price on the stock in a research note on Monday, April 7th. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $510.00 to $520.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Royal Bank Of Canada lifted their price target on Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, Morgan Stanley boosted their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $519.00.

Ameriprise Financial Stock Performance

NYSE AMP opened at $528.50 on Friday. The stock has a fifty day simple moving average of $502.29 and a 200-day simple moving average of $511.32. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10. The stock has a market cap of $50.32 billion, a PE ratio of 17.96, a P/E/G ratio of 1.97 and a beta of 1.24. Ameriprise Financial, Inc. has a twelve month low of $385.74 and a twelve 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, topping the consensus estimate of $9.08 by $0.42. The company had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $8.39 earnings per share. Equities analysts anticipate that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial declared that its board has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $4.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 1.21%. The ex-dividend date was Monday, May 5th. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s dividend payout ratio (DPR) is 21.75%.

Ameriprise Financial Profile

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.